Household workers have a lot of role in the economic life of the country

Household workers affect the economy of a country in many ways. They may not seem to contribute towards to economy of a country but they also play an important role.

They help to keep the money flow in a regular way. They are the proletariat class and they do the work at low wages. They are the economy boosters of the country. These household workers don’t just sit. They work in the homes and they earn money and from that money they also buy things for them and everything has tax. So they are paying the country in the form of taxes. Similarly they don’t live without the bills. They also pay their bills which also has tax. So in short they are paying the country back which helps the economy. According to International Labour Organization (ILO) they represent 4 to 10 percent of the total workforce in developing countries and 1 to 2.5 percent of the total workforce in developed countries. (http://wiego.org/publications/decent-work-domestic-workers-report-iv)

The household workers work for people who go to different jobs so that those people can work for the betterment of a country. What if there was no babysitter to look after children or no maid to keep the house clean of a single living person. Then he would not be able to go to work and due to that economy would be affected. Similarly the household workers work so that they can send their children to schools, and when their children will grow up it will improve their standard of living. This also indirectly helps in the betterment of economy and economy is also affected by it.

These household workers are not doing an educated job but they are doing something which removes unemployment and hence they contribute to the gross national product and gross domestic product and hence building the economy.

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Points Against Socialism

Socialism

Quote:

To take from one, because it is thought that his own industry and that of his fathers has acquired too much, in order to spare others, who, or whose fathers have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, ‘the guarantee to every one of a free exercise of his industry, and the fruits acquired by it.

Thomas Jefferson quotes 

 

Def. of Socialism:

  • Economic system
  • Productive Resources owned by State
  • Equality is given importance

Low motivation

  • Responsibility of food, shelter and clothes by State
  • Everyone gets what he needs
  • Become Less dedicated to work

Ranking problem

  • Salaries are fixed
  • Expertise and past experience is not given value
  • No promotions according to the expertise, education and experience

Slow Growth

  • Many liabilities of a State
  • Less dedicated people
  • Absence of competition

Establishment of Monopoly

  • Government becomes monopolist.
  • Ruling Class occupies the entire economy, so government officers become Monopolists
  • Problems of monopoly comes like abnormal prices, no consumer sovereignty and inferior goods etc

EXAMPLE:-

Soviet Union is an example which got separated due to Socialism.