Labor Theory

Labor should be the ultimate caring object of Economics. Whom else is Economics for? The main contents of Karl Marx’s capitalism were devoted to criticizing capitalists or factory owners for their negligence of workers’ welfare. When workers are well taken care of, bosses can earn more money. As bosses are also part of the labor force, taking good care of labor also means taking good care of themselves. Hence, labor economics is very important. How to take good care of labor? Ironically, many economists treat labor as antagonists, they hold the view that giving them more means leaving less to the bosses. That is the essence of the so-called contract theory, and leads to numerous labor disputes, which cannot be resolved even by arbitration or bonus. Fortunately, there are also some positive labor theories, like on-the-job training, schooling, tournament, etc., to motivate workers.The macro aspect of labor economics is the problem and solution of unemployment. Vis-a-vis unemployment, there is also vacancy. How to match the two together is an interesting and mutual-beneficial issue. This book will tackle these issues one by one.