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 truth, the legitimate contention is, not of one age or school of literary art against another, but of all successive schools alike, against the stupidity which is dead to the substance, and the vulgarity which is dead to form.”
—Walter Pater (1839–1894)
“The new sound-sphere is global. It ripples at great speed across languages, ideologies, frontiers and races.... The economics of this musical esperanto is staggering. Rock and pop breed concentric worlds of fashion, setting and life-style. Popular music has brought with it sociologies of private and public manner, of group solidarity. The politics of Eden come loud.”
—George Steiner (b. 1929)