John Stuart Mill and The Economic Rationale for Organized Labor

  title={John Stuart Mill and The Economic Rationale for Organized Labor},
  author={John T. King and Mark A. Yanochik},
  journal={The American Economist},
  pages={28 - 34}
The Classical School of economics is generally credited with providing the ideological foundation for the study of labor unions in the United States. In particular, one passage from Adam Smith's Wealth of Nations is believed to be the catalyst for the systematic study of organized labor. Smith and other classical economists wrote extensively of “labor's disadvantage” with capital, which allowed for unfair negotiations between workers and management. In this paper, we suggest that, although Adam… Expand
The Classical Bargaining Model for Organized Labor
Classical economists believed that economic value, which is the basis for all discussions pertaining to markets and prices, was determined by the costs of the factors needed to produce the good inExpand
Why American Older Workers Have Lost Bargaining Power
The bargaining power of workers cannot be measured directly, but it can be inferred from working conditions and institutional factors. This study documents the stagnation in older workers’ wages andExpand
Physician unionisation in the USA: ethical and empirical considerations and the free-rider problem
It is concluded that in order to maintain a notion of justice as fairness, resident physicians who benefit from union deliberations are impelled to acquire union membership or make a commensurate donation and that the healthcare organisations for which they work ought to share in the responsibility to improve patient care. Expand


History of Economic Thought
individuals. In a classical paradigm, the concept of class is more useful than individual agents in analyzing social phenomena. In this way, classical economy has roots in holism, and accommodatesExpand
The New Political Economy
The aim of the New Political Economy is to understand important issues that arise in the policy sphere. -super-1 It is not, as is occasionally hinted, an effort by economists to colonise politicalExpand
Economic Theory in Retrospect.
This is a history of economic thought from Adam Smith to John Maynard Keynes - but it is a history with a difference. Firstly, it is a history of economic theory, not of economic doctrines, that is,Expand
The growth of economic thought
In a new and updated edition of this classic textbook, Henry William Spiegel brings his discussion and analysis of economic thought into the 1990s. A new introductory chapter offering an overall viewExpand
Organized Labor and the Congressional Democrats: Reconsidering the 1980s
What happened to the power of labor unions in Congress in the 1980s? For many authors, the answer is straightforward: a decline in political capacity and an ensuing exclusion from the policy-makingExpand
Organized Labor and the Scope of International Specialization
  • R. Staiger
  • Economics
  • Journal of Political Economy
  • 1988
This paper examines the interaction between union wages and the international pattern of production and trade. If union goods are heterogeneous in labor intensity, the introduction of an active unionExpand
Principles of Political Economy
  • J. Mill
  • Political Science, Sociology
  • 1820
Published in two volumes or as a set this provides a definitive scholarly variorum edition of Malthus's Principles of Political Economy. It contains the full text of the first 1820 edition, includingExpand
Mill, Socialism and the English Romantics: An Interpretation
Among the many writers who tout John Stuart Mill as one of the most outstanding figures of the nineteenth century, there exists something of a fascination with the influences that played upon hisExpand
Information in the Labor Market
  • G. Stigler
  • Economics
  • Journal of Political Economy
  • 1962
rfl9H E young person entering the labor market for the first time has an . immense number of potential employers, scarce as they may seem the first day. If he is an unskilled or a semiskilled worker,Expand
Optimal Labour Contracts Under Asymmetric Information: An Introduction (Now published in Review of Economic Studies, (January 1983).)
The Review of Economic Studies has instituted a new series of lectures to be given annually by a "younger" British economist at the Association of University Teachers of Economics Meetings. TheExpand