Development Economics Essay Example | Topics and Well Written Essays - 1500 words

Development Economics - Essay Example(Das 2001, p. 25) It is a lamentable phenomenon, which, in the wake of globalization, has been escalated into a full blown international crisis.Various studies point to several factors accountable for peasant wear down. These include lack of education, poverty, insufficient legislation and, if there ar in place, their poor enforcement, family background, culture, development and backward technologies, among others. The economic factor in the problem seems to take the most responsibility as statistics and books on the subject have shown - sister labour is prevalent in low-income countries. Hence, we will examine the ignore in this perspective.Basically child labour constitutes a market with its own buyers and sellers coming together where such(prenominal) labour is exchanged for a price and, therefore, subject to the laws of supply and use up. According to Sayan Chakrabarty, the market includes those who provide child labour, such as hous eholds the children live in, and those who utilize it and that together both sides influence the incidence of child labour its amount and productivity. (p. 17) To quoteThe more pressure exerted on the supply side (i.e. the more households offer child labor), the less productive and remunerated this labor will tend to be. The more pressure is exerted in the demand side (i.e. the more uses for child labor are generated), the more productive and remunerated it will be. (p. 18)The Basu-Van get examines the relationship of poverty to child labour more specifically. In this model, it is argued that labour markets in low income economies are often characterized by multiple equilibria. This means that there are several possibilities in its incidence. One misfortune is the prevalence of low (adult) wages, which are not enough to feed a family, and in such situations parents are compelled to send their children to work. (p. 412-27) The labour market equilibrium in this case involves parti cipation of