“The use of labor, however, does have a cost, in accordance with the value of the leisure forgone by the laborers. This value is, of course, unmeasurable in money terms, and necessarily differs for each individual, since there can be no comparison between the value scales of two or more persons.”
“Laborer could always enjoy leisure, and this sets a minimum supply price for labor service. On the other hand, the use of land sacrifices no leisure. The bargaining power of the owner of labor is almost always superior to that of the owner of land (especially in a world of purely specific factors). In the real world, labor is uniquely the nonspecific factor, so that the theory of bargaining could never apply to labor incomes.”
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