Development of theoretical approaches to defining the concepts of wages

This article systematizes the theory of wages. Taking into account the conclusions of these theories, as well as the institutional approach, the value of wages for various subjects of labor relations as an employee, employer and state is determined. To clarify the category of “wages” existing approaches to its definition are grouped. As a result, the definition of wages as an economic category reflecting the interests of workers has been clarified, wages as the price of labor; employers, wages as part of the entrepreneur's costs; state, pursuing state policy in the field of remuneration.