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K. P. Kannan, Rajendra P. Mamgain and Preet Rustagi: Labour and Development: Essays in Honour of Professor T. S. Papola

New Delhi: Academic Foundation, 2017; pp 722, ₹ 1,495 (Hardcover)
  • Rajarshi MajumderEmail author
Book Review

The importance of labour in development was highlighted as early as in the sixteenth-century CE when the mercantilists proposed bringing more people into the labour force to increase production and exports. William Petty had also talked of investment to improve labour productivity and increase employment. The ‘Tableau Economique’ of Quesney, often considered as one of the great inventions of modern times, was the Physiocrat’s way of suggesting that the (agricultural) labouring class are the only productive section of the society. Adam Smith took this forward to underline the importance of division of labour in boosting growth. This ultimately gave way to the Labour Theory of Value—which, across Locke, Smith, Ricardo and Marx, more or less agrees that labour is the source of value and any surplus value in the economy is generated by exploiting labour. After a downturn during the neoclassical epoch and marginal revolution, labour again found favourable and important mention in the...

Notes

Copyright information

© Indian Society of Labour Economics 2019

Authors and Affiliations

  1. 1.Department of EconomicsUniversity of BurdwanGolapbag, BurdwanIndia

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