Labor Markets, Social Justice and Economic Efficiency

Cambridge Journal of Economics, Vol. 24, Issue 6, November 2000

Posted: 18 Aug 2001

See all articles by M. Kitson

M. Kitson

University of Cambridge - St Catharine's College

Ron Martin

University of Cambridge - Gonville & Caius College

Frank Wilkinson

University of London - Birkbeck College

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.

Keywords: social justice, economic efficiency, theory and policy

Suggested Citation

Kitson, Michael and Martin, Ron and Wilkinson, Frank, Labor Markets, Social Justice and Economic Efficiency. Cambridge Journal of Economics, Vol. 24, Issue 6, November 2000, Available at SSRN: https://ssrn.com/abstract=246324

Michael Kitson (Contact Author)

University of Cambridge - St Catharine's College ( email )

Trinity Ln
Cambridge, CB2 1TN
United Kingdom

Ron Martin

University of Cambridge - Gonville & Caius College ( email )

Trinity Street
Cambridge CB2 1TA
United Kingdom

Frank Wilkinson

University of London - Birkbeck College ( email )

Department of Management
London WC1E 7HX
United Kingdom

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