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Debt and Deficit and Other Illusions

In: The Economics of Imperfect Competition and Employment

Author

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  • Robert Eisner

Abstract

Joan Robinson was appropriately contemptuous of the notion that unemployment could be explained by the stubborn refusal of workers to accept the market real wage. In one memorable passage, she wrote, [T]he orthodox conception of wages tending to equal the marginal disutility of labour, which has its origin in the picture of a peasant farmer leaning on his hoe in the evening and deciding whether the extra product of another hour’s work will repay the extra backache, is projected into the modern labour market, where the individual worker has no opportunity to decide anything except whether it is better to work or starve. (Joan Robinson, 1966, p.2)

Suggested Citation

  • Robert Eisner, 1989. "Debt and Deficit and Other Illusions," Palgrave Macmillan Books, in: George R. Feiwel (ed.), The Economics of Imperfect Competition and Employment, chapter 27, pages 709-720, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08630-6_27
    DOI: 10.1007/978-1-349-08630-6_27
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