hazelnut wrote:
Proponents of the theory of social utilitarianism hold that the value of human capital should bear an inherent relation to its social utility. Although maximizing the value of human capital is both morally defensible and economically praiseworthy, theory of social utilitarianism has severe practical limitations. If the price of labor were to become a measure of social utility and not of scarcity, the labor market would suffer significant distortions that may well reduce, and not increase, the
...
