Payee

Definition and stakes

Portrait of Frank A. Fetter Frank A. Fetter,  Economics Volume II: Modern Economic Problems

“ Under the wage contract the employer, as the one best prepared to do it, takes the risk as to the future selling price of the product; the worker gets in a definite sum at once the market value of his services. Wage payment, therefore, is a form of insurance to the workingman; he gets something definite instead of taking chances he is ill prepared to take. Wage payment is a form of credit to the laborer whose labor is applied to producing the goods for customers distant in time and in place. ”
Source: Gutenberg

Portrait of Carroll Davidson Wright Carroll Davidson Wright,  1911 Encyclopædia Britannica, Volume 16… (1911)

“ Important decisions in 1888 and 1889 showed this belief Meaning of “wages.” to have been ill-founded. The essential point lies in the definition of the word “wages” as the “recompense, reward or remuneration of labour,” which implies not necessarily any gross sum in question between employer and workmen where there is a contract to perform a certain piece of work, but that part of it, the real net wage, which the workman was to get as his recompense for the labour performed. ”
Source: Wikisource

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