Laborism. The Economics Driven by Labor

Economics includes many strands of thought such as Marxism and monetarism, but one thread, in which work is the essence and the most important part of the debate, manifested in the very beginning of civilization and continues to the present day. Laborism is a term used today in circles dealing with socio-economic thought. In this paper, however, a modern laborism is presented as a compact, coherent, integrated and scientific theory of economy, which is best for the practice of balanced socio-economic development. What’s more, laborism has the potential to solve emerging problems. Principally, laborism involves all economic threads focused on expenditures of labor, including ancient labor economics and classical economics as well as the double-entry accounting theory. Contemporary laborism is reinforced by the scientific perception of labor and capital as well as positive results of research on the measurement of human capital and equitable remuneration. It is worth noting that contemporary laborism offers an economy with a low tax burden and no budget deficit.