ABSTRACT
We have now to consider the application of the principles developed in the general discussion of value to the special case of labour, that is to say, to study the problem of wages. In doing so, we have, as in the preceding chapters, to give our attention to the demand and supply sides of the problem in turn. We take up first the demand side. What can an employer afford to pay for labour? The obvious and direct answer is, as much as the labour is worth and no more. This, however, requires closer examination.
