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Micro and Macro Economics Essay Example

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Micro and Macro Economics

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Micro and Macro Economics. Generally, the concept of Prevailing wages is now a customary for each employment and profession employed in the routine of public work along with by the State Subdivisions of Labor or their equivalents. The rule is made by the regulatory agencies in each country. The concept of Prevailing wages was first established soon after the Civil War when Congress implemented the National Eight Hour Day law. In the USA, generally, the construction workers during that phase were paid based on their daily attendance rather than total working hour. Mahalia (2008) in his review has mentioned that the formation of an eight-hour day deprived of a decline of the daily salary rate can properly incentivized and encourage the public works contractors to increase the competence and efficiency of their workforce rather than the span of their day to complete their projects on time.

(Mahalia)Cost and Benefit of Voluntary Army:One of the main costs associated with the voluntary army service is the salary of the people who will join the force. At the earlier stage in many countries, like USA and others the, the government used to force the young group aged between 20-24 years to serve in the ary for a certain period of time. But later on economists have proven the fact that if the government is ready to provide higher salary and other additional benefits to the army personnel then more people will join the army service. The cost therefore will increase automatically. The main advantages of this voluntary army is the people associated with this service will do each work willfully and more effectively so to complete a set of work one need not increase the time span, rather putting some effective people in place can solve the problem more easily.(Mulligan) Income tax can increase hours worked:Generally increase in the income tax is a clear indication that the workers are earning more compare to the past. If any individual is not earning more than by no means he or she can pay high amount of tax.  . Micro and Macro Economics.

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