> KM also says that those various factors reduce to one--the reduction of
> labor absorbed by each each individual commodity.
Yes, but before he said that, he said:
"The application of machinery reduce the price of the commodities produced
with that machinery owing to various factors ...."
Let's consider what this is suggesting:
In the period of "modern industry", isn't the "application of machinery"
the norm in the production of commodities -- Department I and II alike?
If that is the case (which I think it is): does this "application of
machinery" then lead to a decrease in all (or next to all) commodity
prices???!!!
The logic of that is troublesome.
If we go from:
technological change ==> lower prices (e.g. thru price competition),
then isn't the next step --
lower prices --> (assuming money
wages are constant)
increasing real wages for
workers
???!!!
I'm sorry, but I can't accept the suggestion that technological change
necessarily raises real wages.
In solidarity. Jerry