The mainstream economic perspective holds that efficiency, equity and voice in the employment relationship are maintained through competitive markets which lead to a fair price where labor is paid equal to the value of its contribution.

Mainstream Economic Perspective

Refers to the dominant school of thought in economics that emphasizes rational choice, market equilibrium, and the beneficial role of free markets in allocating resources efficiently.

Voice

A term in industrial relations referring to the ability of employees to express their opinions, grievances, or suggestions, either individually or collectively, within the workplace.