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The Demand for Labor

In: Rediscovering Social Economics

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  • Roger D. Johnson

Abstract

Marginal productivity analysis attempted to provide the theoretical basis for deriving a negatively sloped demand for any factor of production that ensures every factor would be justly compensated based upon the relative value of its marginal contribution. The joint use of multiple inputs and the possibility that the productivity of one input can be influenced by another input brings into question the ability to actually identify the relative marginal productivity of each factor. The resulting analysis merely asserts the confluence of the distinct short- and long-run equilibrium conditions without developing a convincing explanation of the appropriate market dynamics.

Suggested Citation

  • Roger D. Johnson, 2017. "The Demand for Labor," Perspectives from Social Economics, in: Rediscovering Social Economics, chapter 0, pages 121-131, Palgrave Macmillan.
    • Handle: RePEc:pal:pfschp:978-3-319-51265-5_9
    DOI: 10.1007/978-3-319-51265-5_9
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