Quotes & Sayings About Labour Market

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. — Sir John Richard Hicks

A lot of things that we cannot buy and sell in markets used to be totally legal objects of market exchange - human beings when we had slavery, child labour, human organs, and so on. So there is no economic theory that actually says that you shouldn't have slavery or child labour because all these are political, ethical judgments. — Ha-Joon Chang

Here Marx simply assumes that proletarianization has already occurred and that a functioning labor market already exists. But he does, however, want to make "one thing" clear: Nature does not produce on the one hand owners of money or commodities, and on the other hand men possessing nothing but their own labour-power. This relation has no basis in natural history, nor does it have a social basis common to all periods of human history. It is clearly the result of a past historical development, the product of many economic revolutions, of the extinction of a whole series of older formations of social production. — David Harvey

Labour, like all other things which are purchased and sold ... has its natural and its market price. — David Ricardo

When we lose our waged jobs we are not freed from work! We are supposed to go on doing the work of reproducing labour power and to make the labour market function by looking for waged jobs. Part of our effort must be to make these dynamics clear so that we can struggle for what we really want, which is a secure income and less work-for-capital so that we have more time to re-craft our lives. Thus, instead of demanding "full employment" and strenuously searching for new jobs, we can demand less restrictive and more unemployment compensation or even "citizen wages" independent of jobs. — Harry Cleaver

This attribute of equality within the market system is terribly important; Marx understands it as being fundamental to how capitalism theoretically works. Aristotle, too, understood the need for commensurability and equality in exchange relations, but he couldn't figure out what lay behind it. Why not? Marx's answer is that "Greek society was founded on the labour of slaves, hence had as its natural basis the inequality of men and of their labour-powers" (152). In a slave-holding society there can be no value theory of the sort that we are going to find under capitalism. Again, note the historical specificity of the value theory to capitalism. — David Harvey

Once again it is evident that even between major crises, 'the market' has no answer to the major problem confronting the twenty-first century: that unlimited and increasingly high-tech economic growth in the pursuit of unsustainable profit produces global wealth, but at the cost of an increasingly dispensable factor of production, human labour, and, one might add, of the globe's natural resources. Economic and political liberalism, singly or in combination, cannot provide the solution to the problems of the twenty-first century. Once again the time has come to take Marx seriously. — Eric Hobsbawm

In the 19th century, a lot of people were against outlawing child labour, because to do so would be against the very foundations of a free market economy: 'These children want to work, these people want to employ them ... what is your problem? It's not as if anyone has kidnapped them ... ' — Brian Eno

In these difficult times, when tough decisions are required, the differences between Labour and the Tories are becoming much clearer. One party believes in intervention to reduce social and economic costs and the other believes in market forces and letting things take their course. — Lucy Powell

Wealth, as Mr Hobbes says, is power. But the person who either acquires, or succeeds to a great fortune, does not necessarily acquire or succeed to any political power, either civil or military. His fortune may, perhaps, afford him the means of acquiring both; but the mere possession of that fortune does not necessarily convey to him either. The power which that possession immediately and directly conveys to him, is the power of purchasing a certain command over all the labour, or over all the produce of labour which is then in the market. His fortune is greater or less, precisely in proportion to the extent of this power, or to the quantity either of other men's labour, or, what is the same thing, of the produce of other men's labour, which it enables him to purchase or command. The exchangeable value of every thing must always be precisely equal to the extent of this power which it conveys to its owner. — Adam Smith

It is of the highest importance to provide equal access to the labour market. Governments should act to establish equitable employment standards and penalise racial discrimination. — Tariq Ramadan

A country with secure property rights, scientific inquiry and technological innovation will become richer. But, since division of labour is limited by the size of the market, it will also benefit from trade, not just in goods and services, but in ideas, capital and people. The smaller a country is, the greater the benefits. Trade is far cheaper than empire, just as internal development is a less costly route to prosperity than plunder. This was the heart of Angell's argument. — Martin Wolf

Our workforce is very co-operative, very flexible, easy to work with and one of the big selling points. The idea that Britain is still back in the labour market of the '70s is utterly bizarre. — Vince Cable

Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand. — Paul Ormerod

Rusche and Kirchheimer relate the different systems of punishment with the systems of production within which they operate: thus, in a slave economy, punitive mechanisms serve to provide an additional labour force
and to constitute a body of 'civil' slaves in addition to those provided by war or trading; with feudalism, at a time when money and production were still at an early stage of development, we find a sudden increase in corporal punishments
the body being in most cases the only property accessible; the penitentiary (the Hopital General, the Spinhuis or the Rasphuis), forced labour and the prison factory appear with the development of the mercantile economy. But the industrial system requires a free market in labour and, in the nineteenth century, the role of forced labour in the mechanisms of punishment diminishes accordingly and 'corrective' detention takes its place. — Michel Foucault

The corporation is the dominant and dominating institution of our time. Governments identify growth and development with commercial corporations and shower them with subsidies, tax privileges, and appropriate labour legislation and market support to attract a commitment and investment. — Eric Kierans

Today, Labour has a disruptive economic narrative - that Britain needs fundamental change in its market structure and culture to compete in the modern world. — David Miliband

The division of labour was limited by the extent of the market — Adam Smith

Servile labour disappeared because it could not stand the competition of free labour; its un-profitability sealed its doom in the market economy. — Ludwig Von Mises

In this way the world market is, with regard to its immanent dynamic, 'a space in which everyone has once been a productive labourer, and in which labour has everywhere begun to price itself out of the system'. — Slavoj Zizek

For once the commodities have been sold that were already on the market when their price was authoritatively fixed at a level below that demanded by the situation of the market, then the emptied store-rooms are not filled again. Charging more than a certain price is prohibited, but producing and selling has not been made compulsory. There are no longer any sellers. The market ceases to function. But this means that economic organization based on division of labour becomes impossible. The level of money-prices cannot be fixed without overthrowing the system of social division of labour. — Ludwig Von Mises

Child labour may be distasteful to westerners, but does boycotting goods made with child labour improve or exacerbate the lot of third world children? Trusting the market to regulate may not ultimately be in our interest. — Noreena Hertz

For example, the citizens will live out the value of diligence in their enterprises. They will live out the value of prudence in their finances. They will live out the value of industry in the economy. They will live out the value of love in their neighbourhood. They will live out the value of dignity of labour in the market place, etc. All these will go a long way into propelling both the economy and political life of a nation to the greatest height possible. — Sunday Adelaja

People would do well to ask themselves how many of their ambitions and aspirations derive from the type of economic system they inhabit and the insecurity and exhaustion it creates, and question the sense and purpose of a society where control of a large portion of life is abdicated under contract in the labour market, and where immense creativity and potential is stifled by the need to do difficult and repetitive tasks in order to earn a wage. — Tony Benn

We must continue to liberalise the single market, cut red tape and basically create a digital single market. We have not completed the single market yet, there is not sufficient free movement of goods, labour, services and money. We have to keep on working at that against all the protectionist tendencies that we have right now. — Alexander Stubb

There are significant differences between the American and European version of capitalism. The American traditiionally emphasizes the need for limited government, light regulations, low taxes and maximum labour-market flexibility. Its success has been shown above all in the ability to create new jobs, in which it is consistently more successful than Europe. — Margaret Thatcher

The (nation) state's concern had been the development of citizens - social subjects whose identity was shaped by the goals of the state - and the preparation of a labour force serving the needs of a national economy and administration. That state was interested in cohesion, integration and homogeneity - however imperfectly realized. The globally framed interests of current versions of the market are neither about citizenship - shared social values, aspirations, dispositions - nor about the preparation of a labour force ... — Gunther Kress

History is a great teacher. Now everyone knows that the labor movement did not diminish the strength of the nation but enlarged it. By raising the living standards of millions, labor miraculously created a market for industry and lifted the whole nation to undreamed of levels of production. Those who attack labor forget these simple truths, but history remembers them. — Martin Luther King Jr.

Government cannot do it all. As we work hard to break welfare dependency and get young people ready for the labour market, we need businesses to give them a chance and not just fall back on labour from abroad. — Iain Duncan Smith

Capitalism denies the right to live. You have only the right to remain on the labour market. — Noam Chomsky

They did not suffer shipwreck because the entrepreneurs were not public-spirited, as the socialist-etatistic legend has it. They were bound to fail because the economic organization based upon division of labour and private property in the means of production can function only so long as price-determination in the market is free. — Ludwig Von Mises