Theoretical grounds of pay policy in market economy

The article investigates main problems and dilemmas of the theory of pay connected with the development of the Western economic thought of the XXc. The basic elements of this theory, such as the nature and function of pay and the factors determining its level and differentiation are presented and evaluated from the perspective of their suitability for the pay policy. In particular, the Author investigates the theory of marginal productivity of work and its contemporary modifications (commodities, institutional and functional theories). Besides, the Author formulates basic conclusions concerning the conditions and directions of utilizing the findings of the theory of pay in times of transition to market economy.Digitalizacja i deponowanie archiwalnych zeszytów RPEiS sfinansowane przez MNiSW w ramach realizacji umowy nr 541/P-DUN/201