Re: [OPE] Open problems in Marxist economics: Workers' savings

I agree with what you say below, which is why it is not clear that one can count
workers savings as part of V.
________________________________________
From: ope-bounces@lists.csuchico.edu [ope-bounces@lists.csuchico.edu] On Behalf Of paul bullock [paulbullock@ebms-ltd.co.uk]
Sent: Wednesday, April 07, 2010 8:46 PM
To: 'Outline on Political Economy mailing list'
Subject: Re: [OPE] Open problems in Marxist economics: Workers' savings

Well I am sure that capital is happy to see workers depress their own
immediate standard of living in order, through fear of the capitalist
future, and yield to promises about the future. A 'title' is one thing,
future reality is another.. witness the Daily Mirror's pensions, and many
others. Corps will take what they can from 'overfunded' schemes, either
directly or through takeovers, and if they go bust? The whole thing is a
forced gamble for the worker, and doesn't contradict the basic fact that
they and the subsequent generation of workers pays for everything, and
struggle to keep back or take back enough to prolong their lives once their
daily working lives are ended, however circuitous the claims and
counterclaims.

PBl

-----Original Message-----
From: ope-bounces@lists.csuchico.edu [mailto:ope-bounces@lists.csuchico.edu]
On Behalf Of Paul Cockshott
Sent: 07 April 2010 15:20
To: Outline on Political Economy mailing list
Subject: Re: [OPE] Open problems in Marxist economics: Workers' savings

The problem with this is that it compares different time periods.
If a 20 year old worker in China now has 10% of their income saved in the
form of some private pension scheme that channels it into real capital
accumulation, what they are getting is a title to a stream of future surplus
value in 2055. That future surplus value which may go to pay their pension
will have to be accounted for in the accounts of 2055, in the accounts of
2010 the workers savings are an accounting entry that balances part of gross
fixed capital formation and must count as C not V.

If we are talking about non-funded pension schemes such as are common in the
state sector where current employees pay the pensions of current pensioners,
then Paul B is right. But in this case is there really any saving going on?
Is it not just a transfer payment?
________________________________________
From: ope-bounces@lists.csuchico.edu [ope-bounces@lists.csuchico.edu] On
Behalf Of paul bullock [paulbullock@ebms-ltd.co.uk]
Sent: Wednesday, April 07, 2010 11:24 AM
To: 'Outline on Political Economy mailing list'
Subject: Re: [OPE] Open problems in Marxist economics: Workers' savings

If workers earn and save it must, practically, be part of v. After all what
happens in old age? V has to represent the cost of reproduction of the
working class from birth to death. The state will ensure that this doesn't
get out of hand if temporarily capital loses its head; thus once workers are
retired they have to draw on savings to extend their lives further. The
extent of their lives is, as Jerry says, a function of the overall state of
accumulation and its political reflection.

PBl.

-----Original Message-----
From: ope-bounces@lists.csuchico.edu [mailto:ope-bounces@lists.csuchico.edu]
On Behalf Of Gerald Levy
Sent: 07 April 2010 01:03
To: Outline on Political Economy mailing list
Subject: Re: [OPE] Open problems in Marxist economics: Workers' savings

> Do workers' savings form a part of the total surplus value?

Hi Dave Z;

I would say 'no': they form a part of the total value of labor power.
Like the wage, the VLP has cultural and moral elements and should
not be (mis-) understood as simply equal to the minimum required
(regardless of time and space) for physical subsistence.

What exactly is the problem here from your perspective?

In solidarity, Jerry
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Received on Thu Apr 8 10:26:01 2010