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Business Environment by A. C. Fernando

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24

BUSINESS, LABOUR AND GOVERNMENT

In this chapter, we study labour as a factor of production and the most important human resource. After reading this chapter, we will understand and appreciate the role of labour in the creation of wealth and the need to maintain cordial labour relations for the overall prosperity of the society.

An organization needs both capital and labour to create wealth. Earlier, capital was considered to be the most important factor for a business to succeed. Today, the need includes labour as well. The conventional shareholder primacy model left out the role of the employees in the creation of wealth. The Western reform advocates promoted the concept of shareholder capitalism where the sole emphasis is on strengthening ...

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