The author of the widely praised Age of Greed now gives us a bold indictment of some of our most accepted economic theories-why they're wrong, the harm they've done, and the theories that would vastly improve on them. Jeff Madrick-former New York Times business columnist and now Harper's...

This paper examines the apparent conflict between the classical assumption of a bargaining agricultural sector wage and the neoclassical assumption of a competitive wage in the context of a labor surplus developing economy. It concludes that the relatively inelastic supply of labor hours offered...