McCulloch on Hidden Actions, Hidden Information and Piece Work

Murray Milgate

Journal of the History of Economic Thought, 1994, vol. 16, issue 1, 146-154

Abstract: In a little book entitled A Treatise on the Circumstances which Determine the Rate of Wages and the Condition of the Labouring Classes (1826), remembered principally for its formulation of the wages-fund doctrine, John Ramsay McCulloch set out some of the essential ingredients of certain popular contemporary approaches to the theory of labor contracts which accord priority to informational asymmetries surrounding the purchase and sale of labor. In view of the widely held opinion that this approach to the analysis of labor contracts constitutes a significant theoretical step forward, the details of McCulloch's argument, together with the manner in which that argument prefigures recent claims as to the causes and consequences of hidden actions and hidden information in labor markets, is worth recovering.

Date: 1994
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.cambridge.org/core/product/identifier/ ... type/journal_article link to article abstract page (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cup:jhisec:v:16:y:1994:i:01:p:146-154_00

Access Statistics for this article

More articles in Journal of the History of Economic Thought from Cambridge University Press Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK.
Bibliographic data for series maintained by Kirk Stebbing ().