Pigou, Clark and modern economics: the quality of the workforce

Article Abstract:

Modern neoclassical economists must consider the social cost of labor as professed by A.C. Pigou and J.M. Clark to analyze the effect of cost cutting programs on competitiveness. Pigou and Clark established that the quality of labor force may deteriorate even in a perfect market condition, if the social costs of labor are overlooked. Pigou identified higher incomes incorporating marginal productivity of labor while Clark considered living wage as his ideal for labor allocations. Failure to pay such costs may result in a drop in the productive quality of a workforce.

Analysis, Economic aspects, Labor supply, Labor force, Neoclassical economics, Labor productivity

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On the application of mathematics to political economy. The Edgeworth-Walras-Bortkievicz controversy, 1889-1891

Article Abstract:

The points raised during the debate among Francis Edgeworth and Leon Walras on the applicability of mathematics for economic research, between the years 1889 and 1891, are presented.

Italy, Research and Development in the Physical, Engineering, and Life Sciences, Research and Development in the Social Sciences and Humanities, Economists, Mathematics, Methods, Usage, Economic research, Edgeworth, Francis, Walras, Leon

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