Wages as a Category of the Modern Market Economy

Abstract

The article reveals that the definition of wages as a form of good’s value (labour force) doesn’t contradict with the interpretation of labour cost as a production factor. Wages are also characterized as an employee’s income and a certain part of entrepreneur’s costs. The author examines the correlation of wages and national income and their place in the system of economic categories as well. Social and economic nature of wages also determines such functions of wages as reproduction, stimulation, educational and accounting instrument. The author shows the necessity of combination of traditional political economy’s approach and principal methods of the Economics when studying wages category.

Keywords:

Labour economics