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Wage Theory and Social Groups

In: The Theory of Wage Determination

Author

Listed:
  • Jean Marchal

    (University of Paris)

Abstract

Economic reality, unlike physical reality, differs in different parts of the world, and is subject to constant change. If an area enclosed by three straight lines is termed a triangle, this is a proposition which is valid without reference to time or space. By contrast, a proposition such as ‘wages are the price of work’ has significance only in an economic system where there are prices in the precise sense which economists attach to the word, and where work is considered a merchandise in the sense that it is a marketable thing capable of having a price. The very existence of the definition, with all the mechanisms and correlations it implies, depends upon a set of beliefs, behaviours, and institutions. It is linked to an economic system and changes with it, whether this is a matter of cause or effect.2

Suggested Citation

  • Jean Marchal, 1957. "Wage Theory and Social Groups," International Economic Association Series, in: John T. Dunlop (ed.), The Theory of Wage Determination, chapter 0, pages 148-170, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-15205-6_11
    DOI: 10.1007/978-1-349-15205-6_11
    as

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