Economics Dictionary of ArgumentsHome
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| Labour: Labor in political philosophy is the human exertion of physical or mental effort, typically in production or service. It is a central concept in Marxism, liberalism, and feminism. See also Marxism, Feminism, Liberalism, Value theory, Division of Labour, Income, Justice, Inequalities._____________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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Murray N. Rothbard on Labour - Dictionary of Arguments
Rothbard III 45 Labour/Rothbard: In the expenditure of any hour of labor, therefore, man weighs the disutility of the labor involved (including the leisure forgone plus any dissatisfaction stemming from the work itself) against the utility of the contribution he will make in that hour to the production of desired goods (including future goods and any pleasure in the work itself), i.e., with the value of his marginal product. In each hour he will expend his effort toward producing that good whose marginal product is highest on his value scale. If he must give up an hour of labor, he will give up a unit of that good whose marginal utility is lowest on his value scale. At each point he will balance the utility of the product on his value scale against the disutility of further work. We know that a man’s marginal utility of goods provided by effort will decline decline as his expenditure of effort increases. Rothbard III 46 On the other hand, with each new expenditure of effort, the marginal disutility of the effort continues to increase. Therefore, a man will expend his labor as long as the marginal utility of the return exceeds the marginal disutility of the labor effort. A man will stop work when the marginal disutility of labor is greater than the marginal utility of the increased goods provided by the effort. This analysis of the laws of labor effort has been deduced from the implications of the action axiom and the assumption of leisure as a consumers’ good. >Production/Rothbard. Rothbard III 547 Labour/investments/Rothbard: The benefits to land factors, (…) accrue only to particular lands. Other lands may lose in value, although there is an aggregate gain. This is so because usually lands are relatively specific factors. >Production factors/Rothbard. For the nonspecific factor par excellence, namely, labor, there is, on the contrary, a very general rise in real wages. These laborers are “external beneficiaries” of increased investment, i.e., they are beneficiaries of the actions of others without paying for these benefits. Rothbard III 565 Labour/unions/Rothbard: (…) there is no difference in kind between “workers” and “management.” The vice president of a company, if hired by its owners, has exactly the same amount of justification, or lack of justification, for joining a union as does a hired mechanic. Unions/Rothbard: For some reason, even the most ardent union advocate thinks absurd the idea of unionizing the vice presidents. Yet if there is no real dichotomy and all employees are labor, then our views on unions must be altered accordingly. >Trade unions/Rothbard. Rothbard III 571 Labour/supply/demand for labour/Rothbard: In the case of a labor factor, the particular demand curve for its use will slope downward, and the particular supply curve of a labor factor for a specific use will slope upward to the right. In fact, since labor is the relatively nonspecific factor, the particular supply curve of a labor factor is likely to be flatter than the supply curve of the (usually more specific) land factor._____________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. |
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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