A Quote by Janet Yellen
The pace of increases in labor compensation provides another possible indicator, albeit an imperfect one, of the degree of labor market slack.
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One finds fortunes built on slave labor, indentured labor, prison labor, immigrant labor, female labor, child labor, and scab labor - backed by the lethal force of gun thugs and militia. 'Old money' is often little more than dirty money laundered by several generations of possession.
Since it is to the advantage of the wage-payer to pay as little as possible, even well-paid labor will have no more than what is regarded in a particular society as the reasonable level of subsistence. The lower ranks of labor will commonly have less, and if public relief were afforded even up to the wage-level of the lowest ranks of labor, that relief would compete in the labor market; check or dry up the supply of wage-labor. It would tend to render the performance of work by the wage-earner redundant.
Everyone should be taught the nobility of labor, the heroism and splendor of honest effort. As long as it is considered disgraceful to labor, or aristocratic not to labor, the world will be filled with idleness and crime, and with every possible moral deformity.
To the question how one kind of labor can be measured against another, how the labor of the artisan can be measured against the labor of the artist, how the labor of the strong can be measured against the labor of the weak, the communists can give no answer.
Labor, being itself a commodity, is measured as such by the labor time needed to produce the labor-commodity. And what is needed to produce this labor-commodity? Just enough labor time to produce the objects indispensable to the constant maintenance of labor, that is, to keep the worker alive and in a condition to propagate his race. The natural price of labor is no other than the wage minimum.
Capital is a result of labor, and is used by labor to assist it in further production. Labor is the active and initial force, and labor is therefore the employer of capital.
During my three years as chief economist of the World Bank, labor market issues were looked at through the lens of neoclassical economics. A standard message was to increase labor market flexibility. The not-so-subtle subtext was to lower wages and lay off unneeded workers.
The tendency of taxation is to create a class of persons who do not labor, to take from those who do labor the produce of that labor, and to give it to those who do not labor.
History is a great teacher. Now everyone knows that the labor movement did not diminish the strength of the nation but enlarged it. By raising the living standards of millions, labor miraculously created a market for industry and lifted the whole nation to undreamed of levels of production. Those who attack labor forget these simple truths, but history remembers them.
Bilingualism opens doors and provides opportunity to our children so they can shine and become successful in a labor market that is increasingly competitive and globalized.
No man will labor for himself who can make another labor for him.
Labor, like Israel, has many sorrows. Its women weep for their fallen and they lament for the future of the children of the race. It ill behooves one who has supped at labor's table and who has been sheltered in labor's house to curse with equal fervor and fine impartiality both labor and its adversaries when they become locked in deadly embrace.
It is but a truism that labor is most productive where its wages are largest. Poorly paid labor is inefficient labor, the world over.
Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.
Let us remember that the automatic machine is the precise economic equivalent of slave labor. Any labor which competes with slave labor must accept the economic consequences of slave labor.
I propose in the following discussion to call one's own labor, and the equivalent exchange of one's own labor for the labor of others, the 'economic means' for the satisfaction of needs, while the unrequited appropriation of the labor of others will be called the 'political means'.
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