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

From: Ian Wright <wrighti@acm.org>
Date: Thu Apr 08 2010 - 17:16:05 EDT

> This relationship is connected to exploitation, but not identical with
> it. For example, in a "simple commodity economy" the labor-value of
> the real wage may be less than 1 (due to the current aggregate demand
> and price structure such that  real demand is in excess of the current
> capacity of the economy leading to a reduction in stocks of inventory)
> but workers are not being exploited.

Oops, wrote too quickly. What this should say is:

This relationship is connected to exploitation, but not identical with
it. For example, in a "simple commodity economy" the labor-value of
the real wage may be less than 1 due to a market price structure such
that the aggregate nominal demand translates into a real wage with a
labor-value less than the current supply of labor to production. In
this case, the scale and composition of the division of labor does not
match final demand and excess supply in some sectors will lead to an
increase in stocks of inventories. But in no sense are workers being
exploited.
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Received on Thu Apr 8 17:17:34 2010

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