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| Author: | Mumy, G. E. |
| Title: | A microeconomic reconstruction of Marx's labour market theory. |
| Journal: | Economica
1990 : FEB, VOL. 57:225, p. 91-105 |
| Index terms: | MICROECONOMICS MARXIAN ECONOMICS LABOUR MARKETS |
| Language: | eng |
| Abstract: | A fairly coherent Marxian microeconomic theory of wage and hours determination can be extracted if the entire structure of arguments is considered as it progresses through Capital. For instance, rather than being merely an exogenously given determinant of wages, the value of labour-power is a lower-bound frontier of wages as a function of hours, to which labour market tends to evolve. Likewise, some primitive level of class struggle is not the exclusive mechanism whereby hours are determined for the labour market. Rather, the evolution of utility-reducing labour market outcomes for workers sparks a political class struggle to limit the workings of the market by restricting hours. |
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