The relationship between labour laws and economic development is examined from "summary" of Industrial Relations and Labour Laws, 6th Edition by S.C. Srivastava
Labour laws play a crucial role in shaping the economic development of a country. The relationship between labour laws and economic development is a complex and dynamic one that requires careful examination. Labour laws are designed to protect the rights of workers, ensure fair wages and working conditions, and promote social justice. These laws also play a significant role in regulating the labour market and promoting industrial peace. One of the ways in which labour laws impact economic development is by influencing the efficiency and productivity of the workforce. By setting minimum wage standards, regulating working hours, and ensuring safe working conditions, labour laws help to create a more productive and motivated workforce. This, in turn, can lead to increased output and economic growth. Labour laws also have a direct impact on the cost of production for businesses. By setting regulations regarding...
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