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Analysis of Factors Contribute to Labor Productivity

   

Added on  2021-04-21

8 Pages505 Words66 Views
Analysis of Factors Contribute to Labor ProductivityName of the Student Name of the University Author note

Traditional Economic Theory of Labor ProductivityLabor productivity through monetary incentives Neo-classical theory of wage Demand and supply of laborWage higher than the equilibrium wage higher wage reduce workers’ turnover Increase productivitySatisfy worker reward in terms of moneyMoney as the main source of satisfying want Motivate workers to put extra effort

Dan Pink’s view and Traditional Economic Theory Does not work in real worldFor works involve mechanical skillsProductivity increases with bonus payment Jobs involving rudimentary cognitive skill larger reward lead to poor performance Contradicts traditional economic theoryAutonomy, Mastery and PurposeThree building block of new business model Motivation should involve something beyond the intrinsic valueShould be motivated in work by their own desire

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