Modern Academic Usage
While Marx's terms are now lost, their referents have been topics of notable examination in modern economics. Sir Arthur Lewis, for example, cites only one specific contribution to Economics in his Nobel Prize acceptance speech: his work on the (to Marx) "latent" non-employed. Lewis, in this discussion, uses the terms "an unlimited supply of labor" and "a reserve of cheap labor" in his rejection of the neoclassical treatment of the matter. And although non-employed people who are unable or uninterested in performing legal paid work are not considered among the "unemployed," the concept of conjunctural unemployment is used in economics today (now called "frictional unemployment"). Although Marx's work was earlier, there is no stated link between it and similar modern study.
Read more about this topic: Reserve Army Of Labour
Famous quotes containing the words modern, academic and/or usage:
“And, in fine, the ancient precept, “Know thyself,” and the modern precept, “Study nature,” become at last one maxim.”
—Ralph Waldo Emerson (1803–1882)
“Being in a family is like being in a play. Each birth order position is like a different part in a play, with distinct and separate characteristics for each part. Therefore, if one sibling has already filled a part, such as the good child, other siblings may feel they have to find other parts to play, such as rebellious child, academic child, athletic child, social child, and so on.”
—Jane Nelson (20th century)
“...Often the accurate answer to a usage question begins, “It depends.” And what it depends on most often is where you are, who you are, who your listeners or readers are, and what your purpose in speaking or writing is.”
—Kenneth G. Wilson (b. 1923)