The Theory of Wages

A-labour adjustment advantage amount analysis arise assumption capitalistic chapter circulating capital commodity competition consequently considerable constant consumption contraction cost curve demand for labour diminish economic effect efficiency elasticity of demand elasticity of substitution employed employer employment entrepreneur equal expected extent fact factors of production fall favourable firms given growth higher wages Imperfect Competition important income income effect increase industry inelastic Keynesian kind labour market labour-saving less level of wages lower wages marginal productivity theory ment methods of production monetary money wages number of labourers organisation output paid particular period ployers ployment possible probably problem product of labour profits proportion quantity raise wages rate of interest reaction real wages reason reduced relative prices relative share result rise in wages stationary strike substitution effect supply of labour suppose tendency Theory of Wages things tion Trade Union unemployed Value and Capital wage-rates workmen