In a sentence or two: Pagano's critique of the conventional analysis is based on the latter's reliance on what he calls a "leisure semantic device," introduced by Walras, to enable an indifference curve analysis of work and leisure. The adoption of the device, in Pagano's opinion, underlies modern economic theory's "almost complete ignorance of the difference between human labour and the other resources."
David Spencer has also done interesting work on the "disappearance of labor" from modern economic theory. Of course labor reappears on the surface as a "choice" or a "factor of production" but only after its unique characteristics have been crudely homogenized as a commodity just like any other. On Thu, Dec 15, 2011 at 10:50 AM, Doug Henwood <[email protected]> wrote: > > On Dec 15, 2011, at 1:15 PM, Sandwichman wrote: > > > For a good theoretical discussion of the economics of worker coops and a > critique of the conventional analysis, see Ugo Pagano's Work and Welfare in > Economic Theory. > > Before we all race to the library, what's the argument in a sentence or > two? > > Doug > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > -- Sandwichman
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