Abstract
At the simplest level of analysis, wages, viewed as the price of labour, are seen as being straightforwardly determined by the intersection of labour demand and supply curves in the market for labour. This view is clearly illustrated in the opening sentence of Hicks’s Theory of Wages, first published in 1932. According to Hicks: The theory of the determination of wages in a free market is simply a special case of the general theory of value. Wages are the price of labour; and thus, in the absence of control, they are determined, like all prices, by supply and demand. (1932, p. 1)
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