An Essay on Economic Theory

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

An Essay on Economic Theory by Richard Cantillon
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.