ECON 227 Wage Determination
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The ECON 227 Wage Determination course is all about study of the theory of determining wages in various institutional environments. The overall level of wages and employment will be studied under this course. The main focus will be on theoretical models. "Wage Determination" is a list of wage rates and fringe benefits for each type of worker and category of a skilled worker as determined by the Administrator of the Department of Wages and Working Hours of the US Department of Labor in a given area.
The division of wages and working hours produces two types of wage definitions: a general definition (also called an area definition) and a project definition. The term "wage determination" includes not only the original decision, but any subsequent decision that alters, replaces, corrects or otherwise changes the rate and scope of the original decision.
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