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Pure Neoclassical Exploitation and the Level of Wages

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  • Coldwell Daniel

Abstract

. The neoclassical theory of labor exploitation is extended by identifying a pure exploitation which occurs when the wage rate is less than both labor's marginal factor cost (=marginal revenue product) and its average revenue product. Pure exploitation is attributable to a labor market phenomenon alone and is unambiguously unfair from a Pigouvian perspective. It is argued that, contrary to a common belief, pure exploitation does not imply low wages. For example, pure exploitation and high wages are to be expected at least transitorily in the case of the economically profitable innovative firm.

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  • Coldwell Daniel, 1990. "Pure Neoclassical Exploitation and the Level of Wages," American Journal of Economics and Sociology, Wiley Blackwell, vol. 49(1), pages 21-34, January.
    • Handle: RePEc:bla:ajecsc:v:49:y:1990:i:1:p:21-34
    DOI: 10.1111/j.1536-7150.1990.tb02256.x
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    Cited by:

    1. Axelsen, Dan & Underwood, Daniel A. & Friesner, Dan, 2009. "Cultural filtering in the hiring process and its relationship to welfare reform," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(3), pages 495-508, June.
    2. Risse, Mathias & Wollner, Gabriel, 2014. "Three Images of Trade: On the Place of Trade in a Theory of Global Justice," Working Paper Series rwp14-011, Harvard University, John F. Kennedy School of Government.

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