Labor Markets, Social Justice and Economic Efficiency
Author(s)
Kitson, Michael; Martin, R.; Wilkinson, F.
Abstract
In conventional economic theory, a trade-off supposedly exists between social justice and economic efficiency. In reality, market and other economic institutions are dominated by power relations, so that the sponsorship of social justice is a productive factor. Neo-liberal economic policies, by lifting the constraints on the exercise of unequal power, increased injustice and triggered a downward economic and social spiral. Reversing this requires a revolution in economic theory and policy focused on full employment, the working of labor markets, the organization of work, and household organization, social provision and self-sufficiency.
