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:
“He was naturally so sensitive, and so kind. But he had the insidious modern disease of tolerance. He must tolerate everything, even a thing that revolted him.”
—D.H. (David Herbert)
“You know lots of criticism is written by characters who are very academic and think it is a sign you are worthless if you make jokes or kid or even clown. I wouldn’t kid Our Lord if he was on the cross. But I would attempt a joke with him if I ran into him chasing the money changers out of the temple.”
—Ernest Hemingway (1899–1961)
“...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)