 The neoclassical account was first fully developed by A. C. Pigou in The Economics of Welfare (1920) and was refined by Joan Robinson in The Economics of Perfect Competition (1933), though Reiff (2013) identifies both Alfred Marshall and John Bates Clark as influences on Pigou’s approach. Neoclassical accounts are, in many ways, precursors to contemporary market-based accounts of exploitation. Their move away from the labour theory of value allows them to escape some of the technical problems that the classical Marxist definition encounters. However, they face their own technical and moral objections. Here we discuss three.