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Cantillon on Real Wages and Employment: a rational reconstruction of the significance of land utilization

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  • Aspromourgos, Tony

Abstract

It is quite a fundamental proposition of Richard Cantillon's Essai sur la Nature du Commerce en General (1755) that employment and population bear a negative relation to the level of real subsistence wages - a form of wages (or subsistence) fund doctrine. This paper presents a 'rational reconstruction' of Cantillon's system and the relation between real wages and employment within it. It seeks thereby to clarify the difficulties in the way of this doctrine operating in a market economy constructed along Cantillonian lines - as opposed to a Cantillonian command economy. These results are contrasted with a model of Cantillon by Hans Brems.

Suggested Citation

  • Aspromourgos, Tony, 1995. "Cantillon on Real Wages and Employment: a rational reconstruction of the significance of land utilization," Working Papers 222, University of Sydney, School of Economics.
    • Handle: RePEc:syd:wpaper:2123/6744
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    1. Hans Brems, 1978. "Cantillon Versus Marx: The Land Theory and the Labor Theory of Value," History of Political Economy, Duke University Press, vol. 10(4), pages 669-678, Winter.
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    Cited by:

    1. Roy H Grieve, 2015. "Revisiting Cantillon's admirable theory of distribution and value - a misinterpretation corrected," Working Papers 1506, University of Strathclyde Business School, Department of Economics.

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