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The classical theory of wage determination and employment, except for some non-significance of features that there is no point to stress is just a special case of the general theory of value.
Indeed, the wage is the price of the labor factor and is defined as any price, the relationship between the function of demand and supply functions (labor market), and the relationship that determines both the amount of labor, specifically used in the production process.
The presentation of the classical theory of employment in this case must necessarily begin with the construction of global functions of supply and demand of labor market conditions of perfect competition. The authors of the classical theory have noted that the global (or complex) function of supply and demand of labor could only be obtained by aggregating the demand of the functions of individual entrepreneurs and supply functions of individual workers, so that the analysis of the macroeconomic performance of functions of supply and demand in the labor market is reduced to the study of characteristics of the microeconomic functions. Regarding the demand for labor must, above all, note that for simplification of the model indicated there is only one category of economic agents, creating a demand for labor in the market - the entrepreneurs.
Entrepreneurs, functioning under conditions of perfect competition, the use of labor in an amount such that the marginal product of labor is equal to real wages, or that the amount of wages in money terms was equal to the value of marginal product of labor.
If real wages grow, the entrepreneur reduces the demand for labor, if real wages are declining, the demand for labor increases, as the principle of diminishing returns is the only way an entrepreneur can keep his balance.
Entrepreneurs, of course, prefer to hire workers who agree to lower salaries, and as a result of a job, so as not to lose it, and forced to adapt their requirements for wage rates to the needs of the unemployed. The result is lower wages, increasing employment and reducing the gap between demand and supply of labor.
This process of declining real wages and employment continue as long as there are unemployed people who agree to work for a fee lower than the current market, or in other words, until it reaches an equilibrium state (a state of full employment).
When the real wage decreases the gap between demand and supply of labor, and the convergence process continues as long as there was not a businessman, who would be willing to pay the workers a real wage higher than the current market. Thus, in this case the market moves to full employment.
In accordance with his view on the functioning of the labor market under perfect competition the classical economists believed that the emergence of situations in which the cash portion of the workforce remains unemployed steadily, due to the presence outside of the competitive elements that support the real wages at a level higher than that, which is required to achieve an equilibrium level of full employment.
The position of the classical school in respect of the employment problem can be summarized in the following provisions:
1) a perfectly competitive economic system in the market, and market factors of production equilibrium is characterized by full employment of labor, or, equivalently, the absence of involuntary unemployment;
2) competition among workers and between employers provides a marketplace to bring to the position of equilibrium;
3) If by any reason the wages are not very flexible, the law of competition, which would have to guarantee the achievement of equilibrium (full employment), does not work, and the economic system can be for a long period in a state characterized by underemployment.