Labour markets, social justice and economic efficiency

In conventional economic theory, a trade-off supposedly exists between soci al justice and economic efficiency. In reality, market and other economic i nstitutions are dominated by power relations, so that the sponsorship of so cial justice is a productive factor. Neo-liberal economic policies, by lift ing the constraints on the exercise of unequal power, increased injustice a nd triggered a downward economic and social spiral. Reversing this requires a revolution in economic theory and policy focused on full employment, the working of labour markets, the organisation of work, and household organis ation, social provision and self-sufficiency.