The reforms are about allowing labour costs to reflect the value of labour's marginal product. Legge has absolutely nothing new to offer in his criticism of perfect competition. Legge's views make it painfully clear that he has made no serious study of the nature of cost. The notion that 'mark up' was ever a serious economic theory is so silly that it does not even warrant a comment. Entrepreneurship drives an economy and savings fuel it.
Technological advance is applied through capital and capital comes from savings.
Therefore, no matter how energetic a country's entrepreneurs are, no matter how inventive and skilled its innovators and inventors, if savings are not available inventions cannot be applied. The usual result is a brain drain and the loss of new developments to foreign investors. Finally, one can only hope that Legge has the decency to keep his economic garbage out of the classroom. The thesis also states that the transformation of 'variable' costs into 'fixed' costs robs firms of their flexibility in adjusting output to changes in demand. What happens, of course, is that any firm faced with this situation would only continue production if it expected demand to pick up.