Episode 10
1.7. The Labor of the Plowman is of Less Value than that of the Artisan
An Essay on Economic Theory · Mises Institute
December 1, 2014
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Show Notes
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.
Topics
Monetary TheoryValue and Exchange