Yes; remember that I did have the caveat about the value of labor power
being the minimum wage *except in times of crisis*. There's no doubt that
during times like the Great Depression, there was pressure to drive wages
below subsistence--but equally that it was resisted, with varying success.
Steve
At 08:48 AM 2/14/01 -0500, you wrote:
>In [OPE-L:4891] Steve K wrote:
>
>> Yet *every* reference of one to the other that I
>> have found in Marx's own writings refers to the value
>> of labor power as the
>> *minimum* wage
>
>See Vol 3, Ch. 14, Section 2 ("Reduction of wages BELOW their value",
>emphasis added, JL) of *Capital* (Penguin/Vintage ed., p. 342).
>
>Regarding this possibility, Marx explicitly mentions the role of *trade
>unions* as a counter-veiling force: "trade unions wish to prevent the
>*price* of labour-power from falling below its value" (Volume 1, Penguin
>ed., p. 1069).
>But this quote is _not from *Capital*_ -- it is from the "Results of the
>Immediate Process of Production" which Marx chose not to include in Volume 1
>when it was published.
>
>In solidarity, Jerry
>
>
Dr. Steve Keen
Senior Lecturer
Economics & Finance
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School of Economics and Finance
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