The Theory of Wages

The Theory of Wages is a book by the British economist John R. Hicks published in 1932 (2nd ed., 1963). It has been described as a classic microeconomic statement of wage determination in competitive markets. It anticipates a number of developments in distribution and growth theory and remains a standard work in labour economics.

Part I of the book takes as its starting point a reformulation of the marginal productivity theory of wages as determined by supply and demand in full competitive equilibrium of a free market economy. Part II considers regulated labour markets resulting from labour disputes, trade unions and government action. The 2nd edition (1963) includes a harsh critical review and, from Hicks, two subsequent related articles and an extensive commentary.

The book presents:

The body of the second edition is 384 pages, following a 9-page analytical table of Contents. It is organized as follows.

Section I. The Text of the First Edition (248 pages)
Part I — The Free Market
Chapter
I.    Marginal Productivity and the Demand for Labour
II.    Continuity and Individual Differences [analysing current objections to marginal productivity]
III.   Unemployment [examining different effects from "normal unemployment," casual unemployment, seasonal unemployment and other
      foreseeable factors, such as wage rigidity]
IV.  The Working of Competition [including the theory of "bargaining advantage," local and occupational differences in wages, labour mobility,
       and exploitation of labour]
V.   Individual Supply of Labour [including variations in wages from efficiency of labour and effect of wage rates on labour supply]
VI.  Distribution and Economic Progress [on absolute and relative shares of labour in social income as influenced by elasticity of substitution,       an increase in the supply of one factor of production, and invention].

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