From: Gerald_A_Levy@MSN.COM
Date: Fri Sep 02 2005 - 10:06:31 EDT
> I have a brief question: Do you agree that workers' savings form a > part of the total surplus value? > That is not the case in the framework used by e.g. Foley but it > follows if one holds the monetary value of the surplus product > equivalent to the monetary surplus value. Dave Z: For what it's worth, I do not agree that workers' savings constitute a part of the total surplus value. Rather, I believe that we should view workers' savings as constituting a portion of the total _value_. Assuming that the wage equals the value of labour-power, if workers are able to save some portion of their wage then at the simplest level of understanding it means that workers are defraying consumption expenditures now with the intent of consuming more at a later date. One has to recall that the wage does not equal the subsistence requirements of workers narrowly and physically understood. Rather the wage and the value of labour power have a cultural and moral component which changes over time and is different in different social formations. This is largely a consequence of the class struggles that have occurred over time in different social formations which have resulted in new cultural understandings and standards for what constitutes workers' needs. Moreover, given the existence of an industrial reserve army (and hence uncertainty by workers about job security and future earnings) and the lack of state policies that provide for retirement and future medical expenses, then some level of savings by workers is required to meet their real or potential future needs. However, perhaps others on the list believe that workers' savings constitute a portion of the aggregate surplus value. If so, then I'd like to hear what their reasoning is. In solidarity, Jerry
This archive was generated by hypermail 2.1.5 : Sat Sep 03 2005 - 00:00:00 EDT