Define the Following Terms: John Maynard Keynes

question 23

Short Answer

Define the following terms: John Maynard Keynes

---

Definitions:

Paternalistic Policies

Company policies characterized by the management making decisions for employees, ostensibly for their welfare, but often limiting their autonomy and freedom of choice.

Concession Bargaining

A negotiation process where union members agree to give up certain benefits or accept pay cuts in exchange for something else, such as job security.

Wage

The fixed regular payment, typically calculated on an hourly, daily, or piecework basis, made by an employer to an employee.

Benefit Reductions

The act of decreasing the amount or scope of the benefits (such as health insurance, retirement pensions) provided to employees by an employer.