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The stability of the hierarchy of wages and expression of quantities of labour into a common unit

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  • Guy Bensimon

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Abstract

This paper shows that the Smith-Ricardo and the Keynes rules of reduction of various kinds of labour to any one kind assume the stability of the hierarchy of wages, which allows the stable expression of quantities of labour into a common unit. The comparison of their relative earnings the agents make, and the consequently generated competition are at the origin of the stability of the hierarchy of wages. However, these principles do not rely on a robust theoretical basis: changes in the distribution and composition of capital on the one hand, changes in qualifications on the other hand could destabilize the hierarchy of wages. The notion of value of labour has to be reconsidered.

Suggested Citation

  • Guy Bensimon, 2011. "The stability of the hierarchy of wages and expression of quantities of labour into a common unit," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 60, pages 87-108.
  • Handle: RePEc:cpo:journl:y:2011:i:60:p:87-108
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    References listed on IDEAS

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    1. Thierry Hommel & Olivier Godard, 2002. "Trajectoire de contestabilité sociale et production d'OGM à usage agricole," Économie rurale, Programme National Persée, vol. 270(1), pages 36-49.
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    3. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132-132.
    4. Olivier Godard, 1990. "Environnement, modes de coordination et systèmes de légitimité : analyse de la catégorie de patrimoine naturel," Revue Économique, Programme National Persée, vol. 41(2), pages 215-242.
    5. Jean-Charles Hourcade & Emeric Fortin, 2000. "Impact economique des politiques climatiques : des controverses aux enjeux de coordination," Economie Internationale, CEPII research center, issue 82, pages 45-74.
    6. Olivier Barreteau, 2003. "The Joint Use of Role-Playing Games and Models Regarding Negotiation Processes: Characterization of Associations," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 6(2), pages 1-3.
    7. Claude Henry, 1984. "La microéconomie comme langage et enjeu de négociations," Revue Économique, Programme National Persée, vol. 35(1), pages 177-198.
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    More about this item

    Keywords

    Value; labour; measure; hierarchy of wages;

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches

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