ABSTRACT

The “natural” wage of a worker whose product is systematically difficult to sell cannot be identical, for an equal amount of labour, to the wage of a worker whose product faces a strong demand. According to current theory, the adaptation is not just possible but necessary, at least before the advent of the wage-regime. If the wage-regime starts “tentatively”, the company that employs the worker will have to proceed in the same way: it can confirm the wages of its employee only after the sale of its product. The Classics would have said that wages are pre-determined for the simple reason that, the time of labour being known in advance, the value of the product is so as well. In microeconomics, wages are “Walrasian” prices. At general equilibrium, transactions in the product market are extended unchanged in the producing services market: thereby, wages are given by the selling price of the product of each wage-earner.