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Interpretation of Marxist Theories of Wage and Unemployment by Modern Economics
GUO Ji-qiang
Teaching and Research
2007, (5):
36-43.
According to Marxist theory of wage and unemployment,the worker’s wage under the capitalist system tends to be the lowest(the minimum of the value of labor),and the problem of unemployment is constant.This is in fact a common phenomenon of economic operation often found in descriptions of the countries at the early stage of industrialization and developing countries as well.This paper presents a model of wage and employment based on a down ward-sloping labor supply curve,and attempts to explain this phenomenon in the light of modern economics.The author also tries to apply relevant ideas initiated by Marx into the modern economic context with intent to improve this phenomenon.
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