The market tends to pay as a wage what an individual laborer is worth. But the case last studied suggests the question how accurately the law operates in practice. May it not be an honest law, but be so vitiated in its working as to give a dishonest result?
More Quotes from John Bates Clark:
By reason of this objection on the legal side, the conclusive objection on the economic side is in danger of falling out of sight.John Bates Clark
Experience alone can give a final answer. The knowledge gained in a few years by a commission of the kind suggested would be worth more than volumes of mere assertions and contradictions.
John Bates Clark
The limit is not as narrow as it might be. I do not claim for this action, as it now goes on, an ideal degree of efficiency. What I do claim is that this type of competition already reveals its nature and its ultimate power to hold seeming monopolies in check.
John Bates Clark
The decree of a coercive tribunal would not need to conform to the true standard of wages, the final productivity of social labor. It would introduce into distribution a genuinely arbitrary element, with a very large ultimate power to pervert the natural system.
John Bates Clark
If we see to it that wages conform to the final productivity of social labor, we should see to it that trusts do not lower that standard.
John Bates Clark
We do not defend the perversions of the natural economic system but because they are perversions merely, we shall remove them and keep the system.
John Bates Clark
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Based on Topics: Honesty & Integrity Quotes, Law & Regulation QuotesBased on Keywords: laborer, vitiated
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