Subject: [OPE-L:1629] Re: Re: Re: Re: technical change and real wages
From: C. J. Arthur (cjarthur@pavilion.co.uk)
Date: Tue Nov 02 1999 - 12:40:38 EST
I am sorry to be so late raising this point. Mike L states that Marx's
*Capital* assumes a fixed real wage. IMO this is not quite correct. It is
certainly the Volume 1 assumption but in Volume 3 it is displaced by the
assumption of a fixed rate of exploitation, both in the discussion of the
average rate of profit and the falling rate of profit. It is important in
the latter case to notice that with a fixed rate of exploitation and
increasing labour producivty it necessaruily follows that the real wage is
rising. Thus critics such as Okishio (and Brenner) who assume the real wage
is fixed in Marx's discussion are way off beam.
Chris Arthur
P. S. Please note that I have a new Email address,
<cjarthur@waitrose.com>
but the old one will also run until next summer. (To be doubly sure load both!)
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