Labour Markets, Social Justice and Economic Efficiency

Michael Kitson, Ronald Martin and Frank Wilkinson

Cambridge Journal of Economics, 2000, vol. 24, issue 6, 631-41

Abstract: In conventional economic theory, a trade-off supposedly exists between social justice and economic efficiency. In reality, market and other economic institutions are dominated by power relations, so that the sponsorship of social justice is a productive factor. Neo-liberal economic policies, by lifting the constraints on the exercise of unequal power, increased injustice and triggered a downward economic and social spiral. Reversing this requires a revolution in economic theory and policy focused on full employment, the working of labour markets, the organisation of work, and household organisation, social provision and self-sufficiency. Copyright 2000 by Oxford University Press.

Date: 2000
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