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Cambridge Journal of Economics 24:631-641 (2000)
Copyright © 2000 Cambridge Political Economy Society

Article

Labour markets, social justice and economic efficiency

M Kitson, R Martin and F Wilkinson

University of Cambridge, Cambridge, UK

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 labour markets, the organisation of work, and household organisation, social provision and self-sufficiency.

Key Words: social justice • economic efficiency • theory and policy


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