Business Quote by Sir John Richard Hicks
“The theory of the determination of wages in a free market is simply a special case of the general theory of value. Wages are the price of labour.”
About This Quote
Source Book: Value and Capital, 1939
Wages are the monetary expression of labor’s contribution, fitting within the broader value theory.
In simple terms: Wages equal labor’s price.
Key Takeaway
Understand wages as part of value theory.
Themes
economics
labor
value theory
Mood
analytical
critical
Type
economic
theoretical
When to use this quote
- policy analysis
- business strategy
- academic study
Key Concepts
price theory
market dynamics
Questions to Reflect On
- How do non-monetary contributions affect value?
- Can wage theory adapt to gig economies?
A Different Perspective
Wage analysis can overlook non-monetary labor aspects.
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