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

From: Gerald Levy <jerry_levy@verizon.net>
Date: Thu Apr 08 2010 - 15:10:39 EDT

> The alternative in my view is to take the labour content of the real
> wage bundle *actually consumed*. I think it is only then one can obtain
> a theory consistent with historical materialism.

Hi Dave Z:

Actually consumed *when*? If workers receive wages today and
spend it immediately it should be no different (provided we are talking
about real income)
than if they save a part of their income and spend it tomorrow, next week, a
year from
now, or thirty years from now. It's true that the magnitude may be
marginally greater
with savings, but the funds are still actually consumed by the workers
and/or
their families.

In solidarity, Jerry

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Received on Thu Apr 8 15:25:53 2010

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