Schools of Economics
In mainstream, neoclassical economics philosophy, wage labor is seen as the voluntary sale of one's own time and efforts, just like a carpenter would sell a chair, or a farmer would sell wheat. It is considered neither an antagonistic nor abusive relationship, and carries no particular moral implications.
Austrian economics argues that a person is not "free" unless they can sell their labor, because otherwise that person has no self-ownership and will be owned by a "third party" of individuals.
Post Keynesian economics perceives wage slavery as resulting from inequality of bargaining power between labor and capital, which exists when the economy does not "allow labor to organize and form a strong countervailing force"
The two main forms of Socialist economics perceive wage slavery differently:
1. – Libertarian Socialism sees it as a lack of workers' self-management in the context of substituting state and capitalist control with political and economic decentralization and confederation.
2. – State-socialists view it as an injustice perpetrated by capitalists and solved by state control of the means of production.
Read more about this topic: Wage Slavery
Famous quotes containing the words schools and/or economics:
“In America the taint of sectarianism lies broad upon the land. Not content with acknowledging the supremacy as the Diety, and with erecting temples in his honor, where all can bow down with reverence, the pride and vanity of human reason enter into and pollute our worship, and the houses that should be of God and for God, alone, where he is to be honored with submissive faith, are too often merely schools of metaphysical and useless distinctions. The nation is sectarian, rather than Christian.”
—James Fenimore Cooper (1789–1851)
“The animals that depend on instinct have an inherent knowledge of the laws of economics and of how to apply them; Man, with his powers of reason, has reduced economics to the level of a farce which is at once funnier and more tragic than Tobacco Road.”
—James Thurber (1894–1961)