Wages and the Marginal Product of Labor
An Economics Reading List
Wages and the Marginal Product of Labor
Bastiat, Frederic, Economic Harmonies, Chapter 14
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- Surprisingly early description of wages as providing insurance as compared to the risky returns of business owners, who, as residual income claimants, guarantee the employees a consistent wage in exchange for the owners’ shouldering the risks. See also
- of this book.
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Bastable, Charles F., Public Finance
Brief ReviewClark, John Bates, The Distribution of Wealth. The definitive classic on the marginal product of labor.
Brief ReviewNewcomb, Simon, The A B C of Finance. The effects of inflation on wage contracts.
Brief ReviewWicksteed, Philip H., The Common Sense of Political Economy. In particular, Book I, Chapters 5,8,9, and Book II, Chapters 5-6.