1.7. The Labor of the Plowman is of Less Value than that of the Artisan

An Essay on Economic Theory by Richard Cantillon

Tags: Monetary Theory, Value and Exchange

12/01/2014 Richard Cantillon

The opportunity cost of becoming a skilled worker includes both the direct expenses as well as the foregone labor during the training period or apprenticeship. As a result, skilled workers must be paid higher wages than unskilled workers.

From Part 1: Production, Distribution, and Consumption. Narrated by Millian Quinteros.

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