The labor problem
Encyclopedia
"The labor problem" is an economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...

 term widely used toward the turn of the twentieth century with various applications. It has been defined in various ways, such as "the problem of improving the conditions of employment of the wage-earning classes." However, its cause is universal: failure to account for the negative externality
Externality
In economics, an externality is a cost or benefit, not transmitted through prices, incurred by a party who did not agree to the action causing the cost or benefit...

 of reproduction in the face of finite natural resources results in over-supply of labor and falling living standards for wage-laborers.

See also

  • Underinvestment employment relationship
  • Labor unrest
    Labor unrest
    Labor unrest is a term used by employers or those generally in the business community to describe organizing and strike actions undertaken by labor unions, especially where labor disputes become violent or where industrial actions in which members of a workforce obstruct the normal process of...

  • Socialism
    Socialism
    Socialism is an economic system characterized by social ownership of the means of production and cooperative management of the economy; or a political philosophy advocating such a system. "Social ownership" may refer to any one of, or a combination of, the following: cooperative enterprises,...

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