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THE THEORY OF WAGES IN CLASSICAL ECONOmiCS

Author

Listed:
  • Antonella Stirati

Abstract

This important new book is the first specific study on the classical theory of wages to appear for more than 50 years and as such fills an important gap in the literature. Antonella Stirati argues that the wage-fund theory played no part in the theory of wages expounded by Ricardo and his predecessors. Classical wage theory is shown to be analytically consistent but very different from contemporary theory, particularly as it did not envisage an inverse relationship between employment and the real wage level, and hence a spontaneous tendency to full employment of labour. The author bases her approach not only on a reinterpretation of Smith and Ricardo, but also on the writings of Turgot, Necker, Steuart, Hume, Cantillon and other pre-classical economists.

Suggested Citation

  • Antonella Stirati, 1994. "THE THEORY OF WAGES IN CLASSICAL ECONOmiCS," Books, Edward Elgar Publishing, number 417.
    • Handle: RePEc:elg:eebook:417
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    File URL: http://www.e-elgar.com/shop/isbn/9781852787103
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    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:

    1. Enrico Sergio Levrero, 2013. "Marx on Absolute and Relative Wages and the Modern Theory of Distribution," Review of Political Economy, Taylor & Francis Journals, vol. 25(1), pages 91-116, January.
    2. Stephan Kampelmann, 2011. "The Socio-Economics of Pay Rules," ULB Institutional Repository 2013/268040, ULB -- Universite Libre de Bruxelles.
    3. Sergio Cesaratto, 2019. "Heterodox economics and Economic Anthropology: reflections prompted by two books," Department of Economics University of Siena 807, Department of Economics, University of Siena.
    4. Antonella Stirati, 2001. "Inflation, Unemployment and Hysteresis: An alternative view," Review of Political Economy, Taylor & Francis Journals, vol. 13(4), pages 427-451.
    5. Levrero, Enrico Sergio, 2009. "Marx on absolute and relative wages," MPRA Paper 20976, University Library of Munich, Germany.
    6. Di Domenico, Lorenzo, 2021. "Stability and determinants of the public debt-to-GDP ratio: an Input Output – Stock Flow Consistent approach," MPRA Paper 109970, University Library of Munich, Germany.
    7. Lorenzo Di Domenico, 2021. "Multiplicity and not necessarily heterogeneity: implications for the long-run degree of capacity utilization," Working Papers PKWP2116, Post Keynesian Economics Society (PKES).
    8. Daniele Girardi & Riccardo Pariboni, 2016. "Long-run Effective Demand in the US Economy: An Empirical Test of the Sraffian Supermultiplier Model," Review of Political Economy, Taylor & Francis Journals, vol. 28(4), pages 523-544, October.
    9. Di Domenico, Lorenzo, 2021. "Stability and determinants of the public debt-to-GDP ratio: an Input Output – Stock Flow Consistent approach," MPRA Paper 110460, University Library of Munich, Germany.
    10. Enrico Sergio Levrero, 2018. "The Classical Theory of Wages and its Interpretations: A Critique of the Canonical Classical Model," Bulletin of Political Economy, Bulletin of Political Economy, vol. 12(1-2), pages 55-76, June.
    11. Bruce Kaufman, 2016. "Adam Smith’s Economics and the Modern Minimum Wage Debate:The Large Distance Separating Kirkcaldy from Chicago," Journal of Labor Research, Springer, vol. 37(1), pages 29-52, March.
    12. Ricardo Summa & Julia Braga, 2020. "The (conflict-augmented) Phillips Curve is alive and well," Working Papers 0055, ASTRIL - Associazione Studi e Ricerche Interdisciplinari sul Lavoro.
    13. Tony Aspromourgos, 2010. "'Universal opulence': Adam Smith on technical progress and real wages," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 17(5), pages 1169-1182.
    14. Serrano, Franklin & Summa , Ricardo, 2015. "Distribution and Cost-Push inflation in Brazil under inflation targeting, 1999-2014," Centro Sraffa Working Papers CSWP14, Centro di Ricerche e Documentazione "Piero Sraffa".
    15. Alex M. Thomas, 2019. "Adam Smith on Wages and Education: Some Policy Implications for India," Indian Journal of Human Development, , vol. 13(1), pages 84-89, April.
    16. Sergio Cesaratto, 2016. "The modern revival of the Classical surplus approach: implications for the analysis of growth and crises," Department of Economics University of Siena 735, Department of Economics, University of Siena.
    17. Meacci, Ferdinando, 2014. "Ricardo's and Malthus's common error in their conflicting theories of the value of labour," MPRA Paper 55948, University Library of Munich, Germany.
    18. Sergio Cesaratto, 2002. "The Economics of Pensions: A non-conventional approach," Review of Political Economy, Taylor & Francis Journals, vol. 14(2), pages 149-177.
    19. Lyuboslav Kostov, 2020. "The impact of labor productivity on wages in the EU," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 146-158.
    20. Stefano Di Bucchianico & Federica Cappelli, 2021. "Exploring the theoretical link between profitability and luxury emissions," Working Papers PKWP2114, Post Keynesian Economics Society (PKES).
    21. Enrico Sergio Levrero, 1999. "Worker Bargaining Power and Real Wages from 1870 to 1913: Phelps Brown reconsidered," Review of Political Economy, Taylor & Francis Journals, vol. 11(2), pages 183-203.
    22. Sergio Cesaratto & Stefano Di Bucchianico, 2021. "The Surplus Approach, the Polanyian Tradition, and Institutions in Economic Anthropology and Archaeology," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 55(1), pages 185-216, June.
    23. Pierangelo Garegnani, 2007. "Professor Foley and Classical Policy Analysis," Review of Political Economy, Taylor & Francis Journals, vol. 19(2), pages 221-242.
    24. Ricardo Summa & Franklin Serrano, 2018. "Distribution and Conflict Inflation in Brazil under Inflation Targeting, 1999–2014," Review of Radical Political Economics, Union for Radical Political Economics, vol. 50(2), pages 349-369, June.
    25. Pierangelo Garegnani, 2007. "Professor Samuelson on Sraffa and the classical economists," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 14(2), pages 181-242.

    More about this item

    Keywords

    Economics and Finance;

    JEL classification:

    • B0 - Schools of Economic Thought and Methodology - - General

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