Famines are often the result of institutional failures, rather than scarcity.
Famines are often the result of institutional failures, rather than scarcity.
The wage rate will equal the marginal product of labor in both scenarios of traditional, "open" unemployment and "disguised" unemployment. Disguised unemployment is described as the situation, often found in developing country agricultural sectors, where, although the entire labor force is employed, the supply of labor hours exceeds the demand for hours).
An early economics and political economy textbook.