A History And Criticism of the Various Theories of Wages Being the Whately Mem
A History And Criticism of the Various Theories of Wages Being the Whately Mem
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" Like Adam Smith and Ricardo, Roscher admits that the ideas conveyed by the expressions "necessaries of life " and " standard of decency" are relative ones, and vary in different ages and countries, according to the habits and customs of the people; and therefore, he thinks that the working (lasses hold in their own hands the principal elements wliieh determine wages, and have no right to complain of an " iron law/' which is for ever dragging wages down to the subsistence minimum. Every increa...se in wages must produce an increase in the number, or in the well-being, of the workmen, and it is in their own power to decide between the two alternatives. Up to this point the view of Roscher bears a striking resemblance to that of Ricardo; but when he proceeds to state what it is that constitutes the demand for labour, we find a divergence from the Ricardian doctrine. Still fol- lowing the analogy of other commodities, he tells us that the demand for labour depends, (1) on its value in use, (2) on the purchaser's power to pay for it.
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To quickly assess the difficulty of the text, read a short excerpt:
" Like Adam Smith and Ricardo, Roscher admits that the ideas conveyed by the expressions "necessaries of life " and " standard of decency" are relative ones, and vary in different ages and countries, according to the habits and customs of the people; and therefore, he thinks that the working (lasses hold in their own hands the principal elements wliieh determine wages, and have no right to complain of an " iron law/' which is for ever dragging wages down to the subsistence minimum. Every increa...se in wages must produce an increase in the number, or in the well-being, of the workmen, and it is in their own power to decide between the two alternatives. Up to this point the view of Roscher bears a striking resemblance to that of Ricardo; but when he proceeds to state what it is that constitutes the demand for labour, we find a divergence from the Ricardian doctrine. Still fol- lowing the analogy of other commodities, he tells us that the demand for labour depends, (1) on its value in use, (2) on the purchaser's power to pay for it.
What to read after A History And Criticism of the Various Theories of Wages Being the Whately Mem?
You can find similar books in the "Read Also" column, or choose other free books by W D Mcdonnell to read onlineMoreLess
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