MGMT 3100 Final Question and answers

MGMT 3100 Final Question and answers What are the four perspectives on the "Labor Problem"? - Classical Economists - Labor problem = market problem; free markets & competition eventually fix bad employers. Human Relations - Labor problem = management problem; poor supervision & lack of attention to human needs. Institutional Labor Economists (ILEs) = power & conflict problem between labor and management; need unions and laws. Marxists = class exploitation built into capitalism; solution is revolution and ending private ownership. How do Classical Economists view the Labor Problem and the solution? - They see it as a temporary market imbalance. If employers treat workers badly or pay too little, workers will leave and better employers will win. Solution: laissez-faire, free markets, minimal regulation.