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The Vita Theory Of The Personal Income Distribution And Power

In: Inequality and Global Supra-Surplus Capitalism

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  • E Ray Canterbery

Abstract

Industries’ ability to pay a demanded wage is enhanced by its ability to impose price markups on the consumers. The industrial union’s power tool is the wage rate rather than the labor supply. This means that, in the short run, employment is not related to the wage rate and the wage rate is related to employment only if full employment extends across all labor. Therefore, a high wage can be associated with a high unemployment rate, because employment is decided by technology and effective demand rather than by the marginal product of labor. This process was so deeply imbedded in the economic system that it too a four-year global recession (1979–1982) to slow wage (and price) inflation in the United States. History went into reverse beginning with the Great Recession (2007–2009), from which we have yet to experience a full recovery. Power was ceded by labor unions to the giant corporation.

Suggested Citation

  • E Ray Canterbery, 2018. "The Vita Theory Of The Personal Income Distribution And Power," World Scientific Book Chapters, in: Inequality and Global Supra-Surplus Capitalism, chapter 10, pages 151-165, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813200838_0010
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