“The Labor-Less Labor Supply Model” in the Era Before Philip Wicksteed

Spencer, David A.

doi:10.1080/1042771032000147533

Cited by 9 publications

(3 citation statements)

References 11 publications

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“…Soon after the publication of Marshall's Principles, David I. Green and John Bates Clark suggested the notion of labour as an opportunity cost (Spencer 2003). In Wicksteed's Common Sense (1910: II.4, p. 524) the 'irksomeness of labour' is visualised as 'only a negative expression of one element in the desirability of rest or leisure' .…”

Section: Labour As Absence Of Leisurementioning

confidence: 99%

Metamorphoses: The Concept of Labour in the History of Political Economy

Theocarakis¹

2010

Econ. labour relat. rev.

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The emergence of an understanding of labour as the basis of value is traced from ancient Greek authors to classical political economy and Karl Marx, and the subsequent eclipse of the theory in neoclassical economics is then charted. While the ancient Greeks did not have a concept of labour as a measure of value, in Scholastic authors the notion was fixed that labour and cost of production determine value. Labour assumed a central role in Adam Smith, but it was with David Ricardo that a fully blown labour theory of value was achieved. Marx gave the concept its philosophical dimension, tying it to a critique of classical political economy. The labour theory of value came under attack in neoclassical formulations which in the end effected the analytical disappearance of labour in several ways. Labour became just another factor of production, with marginal productivity regulating its price. Then factors of production and final goods became analytically equivalent as sources of subjective utility, especially in the context of general equilibrium theory. In disutility models of labour supply, labour was substituted by its absence, 'leisure'. Finally, attempts were made to explain the employment relationship as an application of agency theory, moving away from the pure commodity model of labour. Nevertheless, all these theories failed to account for what became the Achilles' heel of neoclassicism -namely the indeterminacy of the labour contract.

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Section: Labour As Absence Of Leisurementioning

confidence: 99%

Metamorphoses: The Concept of Labour in the History of Political Economy

Theocarakis¹

2010

Econ. labour relat. rev.

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“… 21 Green’s ideas were previously explored by Spencer (2003), who discusses his contributions to the economic theory of labor supply. Spencer argues that Green was a forerunner of labor supply theory based on the income–leisure trade-off.…”

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confidence: 99%

“…Biographical information can be found in PersonalNotes (1893, pp.107-108).20 SeeGreen (1891Green ( , 1894Green ( , 1895.21 Green's ideas were previously explored bySpencer (2003), who discusses his contributions to the economic theory of labor supply. Spencer argues that Green was a forerunner of labor supply theory based on the income-leisure trade-off.…”

mentioning

confidence: 99%

From “Tired Muscles” to “Might-Have-Beens”: A Debate on the Nature of Costs in the Late Nineteenth Century

Barbieri¹,

Filho²

2023

J Hist Econ Thought

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This article explores a debate on the theory of cost that occurred in the 1890s between economist Silas MacVane and Austrian economists. MacVane defended the idea of objective “real cost” and the Austrians argued for subjective opportunity cost. Although this debate is rarely mentioned, it represents a noteworthy episode of active contrast between ideas on value and on cost, with implications that are relevant for contemporary economists. By highlighting the incompatibility of the objective and subjective conceptions of cost, this debate sheds light on the evolution of economic theory. The contributions of relatively unknown authors, such as MacVane and David Green, are also discussed. We interpret the debate in terms of the contrast between research programs based on wealth and on exchange, and note that the gradual shift in the period regarding the fundamental problem that informs economic theory is key to understanding the modern concept of cost.

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Love's labor's lost? the disutility of work and work avoidance in the economic analysis of labor supply

Spencer¹

2003

Review of Social Economy

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This paper explores the origins and evolution of the concept of the disutility of work. The original formulation of this concept developed by Stanley Jevons and by Alfred Marshall recognizes the variability of work motives stressing the effects of both the quantity and quality of work on labor supply. Subsequent writers, notably Lionel Robbins, and later Gary Becker, focus on the opportunity cost of work time, to the neglect of the content of work. These writers lose sight of the influence of the nature of work on the supply of labor. Contemporary research on the economics of labor supply, while accepting the presence of agency problems surrounding the enforcement of the labor contract, continues to consign the determinants of work motives to a black box. The new emphasis on the problem of “shirking” by workers, in particular, offers an unbalanced treatment of the causes and consequences of work resistance.labor supply, effort, shirking, work motivation, work avoidance,

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“The Labor-Less Labor Supply Model” in the Era Before Philip Wicksteed

Cited by 9 publications

References 11 publications

Metamorphoses: The Concept of Labour in the History of Political Economy

Metamorphoses: The Concept of Labour in the History of Political Economy

From “Tired Muscles” to “Might-Have-Beens”: A Debate on the Nature of Costs in the Late Nineteenth Century

Love's labor's lost? the disutility of work and work avoidance in the economic analysis of labor supply

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