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

On 2010-04-08 21:10, Gerald Levy wrote:
> 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.
>
The real wage bundle is consumed/appropriated during the period of
interest in the accounting identity which is true by definition. If we
look at annual flows it is the wage bundle appropriated by the working
class during a year.

It makes a real difference if the working class is a net saver during
the period. The net savings correspond to a part of the surplus product
of the period. What the class obtains is credit, which is not a real
fund that is consumed but a legal claim on the net product in later
periods. Whether or not this claim can or will be made is a different
matter. Correspondingly the capitalist class is legally obligated to the
working class by its debt.

//Dave Z
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Received on Sat Apr 10 14:11:06 2010