Competition and Just Price
Molinari (1851: 127) maintains that competitive market prices are just: they remunerate everybody in proportion to his or her effort. However, labour markets are local markets in which employers can exploit the workers. The spontaneous evolution of these markets will change their functioning and allow the workers to sell their services at their just prices when the market becomes general.
More on the topic Competition and Just Price:
- Montesquieu: commerce and the constitution
- Francis Ysidro Edgeworth (1845-1926) was a leading figure in the rapid development of economics during the last quarter of the nineteenth century and the first quarter of the twentieth century.
- Introduction
- In and Out of Marshall's Shadow
- Optimal equilibrium and laissez-faire
- THE THEORY OF PRODUCTION
- Our Relationship to Schumpeter and to Kirzner
- Destabilising shocks and crises
- THE ANALYSIS OF INCOME DISTRIBUTION
- Marginalist Theory