Thomas, Alex M.
(2019)
Adam smith on wages and education: some policy implications
for India.
Indian Journal of Human Development.
pp. 1-6.
Abstract
This article outlines Adam Smith’s views on wages and education and employs them in providing
suggestions for contemporary politics and economic policy. In particular, the joint examination of his
concept of ‘subsistence wages’ and his views on education offer a radically different interpretation
of Smith to that found in the mainstream literature. Smith’s qualified and nuanced view of wages and
education suggests that the market, if left to itself, cannot generate fair wages nor provide inclusive
education. Therefore, our contemporary politics and economic policy must incorporate them as
central socioeconomic targets.
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