Re: (OPE-L) indirect labor, the real wage, and the production of surplus value

From: Rakesh Bhandari (rakeshb@STANFORD.EDU)
Date: Mon Nov 10 2003 - 07:04:43 EST 

Ajit wrote:

>  One may think that increase in labor
>productivity may increase labor militency and increase
>the real wages but at the same time increase in labor
>productivity may be associated with increase in
>unemployment that may reduce labor militency.

But labor militancy may have nothing to do with it. Since wage
contracts are in money terms and productivity is presumably rising
faster on the commodity side than the money side of the exchange
equation, a constant money wage will result in a higher real wage.
Again the assumption here is a commodity theory of money. What
happens with fiat money is not clear.

Rakesh

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