Marginal Productivity Ethics
In the aftermath of the marginal revolution in economics, a number of economists including John Bates Clark and T.N. Carver sought to derive an ethical theory of income distribution based on the idea that workers were morally entitled to receive a wage exactly equal to their marginal product. In the 20th century, marginal productivity ethics found few supporters among economists, being criticised not only by egalitarians but by economists associated with the Chicago school such as Frank Knight (in The Ethics of Competition) and the Austrian School, such as Leland Yeager. However, marginal productivity ethics were defended by George Stigler.
Read more about this topic: Marginal Product Of Labor
Famous quotes containing the words marginal, productivity and/or ethics:
“If the individual, or heretic, gets hold of some essential truth, or sees some error in the system being practised, he commits so many marginal errors himself that he is worn out before he can establish his point.”
—Ezra Pound (1885–1972)
“It is ultimately in employers’ best interests to have their employees’ families functioning smoothly. In the long run, children who misbehave because they are inadequately supervised or marital partners who disapprove of their spouse’s work situation are productivity problems. Just as work affects parents and children, parents and children affect the workplace by influencing the employed parents’ morale, absenteeism, and productivity.”
—Ann C. Crouter (20th century)
“If you take away ideology, you are left with a case by case ethics which in practise ends up as me first, me only, and in rampant greed.”
—Richard Nelson (b. 1950)