Wage Slavery - Schools of Economics

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.

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