There is no such thing as absolute cost of labour; it is…
“There is no such thing as absolute cost of labour; it is all a matter of comparison. Every one gets the most which he can for his exertions; some can get little or nothing, because they have not sufficient strength, knowledge or ingenuity; others get much, because they have, comparatively speaking, a monopoly of certain powers.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Labour value is relative, determined by comparison to others' abilities and resources.
In simple terms: Labour value depends on comparison.
Key Takeaway
Recognize and address inequality in labour markets.
Themes
economics
labor
inequality
Mood
analytical
critical
Type
economic
theoretical
When to use this quote
- wage negotiations
- policy making
- career planning
- education decisions
Key Concepts
comparative advantage
monopoly power
human capital
Questions to Reflect On
- How does comparative advantage affect wage gaps?
- What policies can reduce labour market monopolies?
A Different Perspective
Ignores non‑economic factors like culture and power dynamics.