labor and unemployment.docx - Surname 1 Students name...

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Surname 1 Student’s name: Professor: Course: Date: Labor and Unemployment The capitalist economy is based on the existing social relationship that is founded on controlled wage labor. This kind of economy is known to surplus appropriate distribution of labor. Owed to the characteristics of the capitalist society, there is a distinguished unique wage- labor relationship where extra labor is brought in to existence and adopted by the non-laborer without direct coercion. Under the capitalist economy, employees are no longer waged based on the value of what they produce. Under the same capitalist economy, they do not retain rights of proprietorship of whatever they produce. As a substitute the labors are paid in terms of how little reparation another individual is willing to do the same job for (seccareccia, 50). Just as it is understood, of how existing competition in the market pushes the price of other merchandises down, same impact is felt on labor when labor is a commodity. While the latter is based on this, political economists have specialized with the study of human behavior. By ensuring this, they create a great distinction between the two. Political economists claim that it is somewhat impossible to quantify human behavior, while mainstream economists hold to the belief that all humans are entitled to follow a rational behavior. Therefore, this paper seeks to explain the differences that exist between the political and the mainstream economists.
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Surname 2 Capitalist economic concept explains that wages are directly determined by labor markets. This means that the amount of wage that each employee receives is not determined
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