caa a22 4500 397572824 CHVBK 20180308164846.0 cr unu---uuuuu 161202e199605 xx s 000 0 eng 10.1093/oxfordjournals.cje.a013616 doi (NATIONALLICENCE)oxford-10.1093/oxfordjournals.cje.a013616 Stabile D. R. St Mary's College of Maryland Pigou, Clark and modern economics: the quality of the workforce [Elektronische Daten] [D. R. Stabile] Pigou and Clark investigated the relationships between wages and the quality of the workforce with their common but distinctive concept of social costs. Pigou found cases in labour markets where improvements in workforce quality had external benefits that increased GNP. Clark saw the social costs of labour as the overhead costs society had to be pay to keep its workforce intact, and using a dynamic institutional theory, argued that those costs should be placed directly on business in terms of a guaranteed living wage. It is argued that modern economics has neglected any connection between wages and social costs by treating them separately and propounding a trade-off between equity and efficiency. As a result, they analyse cost cutting programmes in terms of their impact on competitiveness, and neglect how they can result in an inferior workforce. © 1996 Academic Press Limited Articles nationallicence Cambridge Journal of Economics Oxford University Press 20/3(1996-05), 277-288 0309-166X 20:3<277 1996 20 cameco https://doi.org/10.1093/oxfordjournals.cje.a013616 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1093/oxfordjournals.cje.a013616 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Stabile D. R. St Mary's College of Maryland NATIONALLICENCE 773 0- Cambridge Journal of Economics Oxford University Press 20/3(1996-05), 277-288 0309-166X 20:3<277 1996 20 cameco Metadata rights reserved CC BY-NC-4.0 http://creativecommons.org/licenses/by-nc/4.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-oxford