Work and welfare in economic theory

This original book is the first major attempt to reconcile the vast and conflicing theoretical literature on welfare and work, examining how work affects welfare in different kinds of societies and from the point of view of a wide range of economic theories.
In a masterly historical survey, the author traces the history of thought on labour, beginning with the different approaches of Smith and Ricardo to value theory. The contribution of Marx is examined, particularly the two models of society, alternative to capitalism, which the author distinguishes in Marx: single-firm socialism and anti-firm communism. The argument of the English and Austrian streams within the marginalist revolution are also considered, as is the per fect socialist society proposed by Walras, from whom the modern approach to the problem of work and welfare derives.
The author shows how workers preferences affect utility and welfare and how alternative institutional arrangements introducing more democracy into the workplace might achieve a more satisfactory outcome than is possible in either the pure market or pure planned economies.