Economics Dictionary of ArgumentsHome
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| Wages: Wages in economics refer to the monetary compensation paid to workers for their labor or services. Determined by factors like skill, demand, supply, and market conditions, wages are a key component of income and influence workers' purchasing power and living standards._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Mountifort Longfield on Wages - Dictionary of Arguments
Rothbard II 133 Wages/Longfield/LongfieldVsRicardo/Rothbard: The truly revolutionary step forward in the theory of wages - indeed in the theory of all factor pricing - came with Mountifort Longfield, in his Lectures on Political Economy(1). As we have seen, Longfield was concerned to show, in contrast to the Ricardian class-conflict theory of income distribution, that workers benefit from capitalist development. (Ironically, Longfield's laissez-faire Harmonielehre was replaced by a far more statist attitude in later life.) Rothbard II 134 In the course of doing so, Longfield took J.B. Say's correct but vague productivity theory of factor incomes, and worked out, for the first time, a remarkable marginal productivity theory of the rental prices (i.e. prices per unit time) of capital goods (which Longfield oddly called ‘profits’, in a typical confusion of returns on capital with the pricing of capital goods that has plagued economics since the early nineteenth century). Working out the specifics, Longfield showed that the price of each machine will tend to equal the marginal productivity of the machine, i.e. the productive value (in terms of value of their products) of the least productive machine which it pays to keep employed on the market, i.e. the marginal machine. Rothbard: Thus, for the first time, in an unknowing echo of Turgot, Longfield used the proper ceteris paribus method of analysing productive returns, holding one factor or class of factors constant, varying another set of factors, and analysing the result. Longfield stopped there in his brilliant pre-Austrian contribution, applying marginal productivity analysis only to capital goods. 1. Mountifort Longfield. 1833. Lectures on Political Economy. Dublin 1834. https://doi.org/10.2307/2223849 _____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Longfield I Mountifort Longfield Lectures on political economy, delivered in Trinity and Michaelmas terms, 1833 Dublin 1834 Rothbard II Murray N. Rothbard Classical Economics. An Austrian Perspective on the History of Economic Thought. Cheltenham, UK: Edward Elgar Publishing. Cheltenham 1995 Rothbard III Murray N. Rothbard Man, Economy and State with Power and Market. Study Edition Auburn, Alabama 1962, 1970, 2009 Rothbard IV Murray N. Rothbard The Essential von Mises Auburn, Alabama 1988 Rothbard V Murray N. Rothbard Power and Market: Government and the Economy Kansas City 1977 |
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