omists who followed Marshall, however, agreed with his theoretical concepts.
Marshall (1920, p. 54) held that all labor "is directed toward producing some effect." Thus, Marshall (1920, p. 54) defined labor as "any exertion of mind or body undergone wholly or partly with a view to some good other than . . . pleasure." Thus, all labor is regarded as productive unless it fails to achieve what was intended by its application. Marshall (1920, p. 66) also viewed labor as only those activities designed to produce income.
Marshall (1920, p. 117) also postulated a marginal utility of labor, which he referred to as the marginal disutility of labor. Marshall (1920, p. 117) theorized that with every increase in the amount of labor provided there was a corresponding decrease in the unit price for that labor.
Marshall (1920, p. 170) also held that the value and productivity of labor depend largely on training. Training was defined to include education. Training was the variable used by Marshall (1920, p. 171) to differentiate between skilled and unskilled labor. Marshall (1920, p. 279) also held that labor is a market, and that the labor market is different from commodity markets. In the labor market, thus, when a worker, because of a dire need for money, comes off second best in wage bargaining with an employer, and begins working a low wages, the probability is that the worker will, in the future, continue to work for low wages from that employer (Marshall, 1920, p. 279). Marshall (1920, p. 280) held that the balance of power between buyers and sellers in commodities markets was relatively equal, but that the balance of power was usually with buyers in labor markets. Thus, Marshall's (1920, p. 424) theory of labor and wages provided the basis for collective bargaining. Collective bargaining permits workers to restrict the availability of labor and, thus, gain a balance of power with employers in t...