Skilled Labor in the Classical tradition

Anwar Shaikh ()

No 1801, Working Papers from New School for Social Research, Department of Economics

Abstract: The treatment of skills has always been a problem within the classical tradition. Smith, Ricardo and Marx explicitly note that labor of different qualities must be reduced to a common standard. On the argument that relative wages largely reflect the qualitative differences among types of labor, they all propose to use relative wages as proxies for qualities. Smith identifies two sets of factors underlying relative wages: those specific to the type of employment itself, and those arising from political interventions. The former case in turn contains compensation for the pleasantness or unpleasantness of the type of work, its risk and volatility, its required degree of trust, and the difficulty and cost of acquiring the necessary skills. This paper focuses on the skill issue alone in order to compare it to the orthodox notion of human capital as a principal factor in the determination of relative wages.

Keywords: Skilled labor; Classical economics (search for similar items in EconPapers)
Pages: 7 pages
Date: 2018-01
New Economics Papers: this item is included in nep-his, nep-hpe and nep-pke
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Citations: View citations in EconPapers (2)

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