Marx on absolute and relative wages
AbstractThe aim of this paper is to clarify some aspects of Marx's analysis of the determinants of wages and of the peculiarities of labour as a commodity, concentrating upon three related issues. The first is that of Marx's notion of the subsistence (or natural) wage rate: subsistence wage will be shown to stem, according to Marx, from socially determined conditions of reproduction of an efficient labouring class. The second issue refers to the distinction between the natural and the market wage rate that can be found in Marx, and his critique of Ricardo's analysis of the determinants of the price of labour. Finally, Marx's analysis of the effects of technical progress on both absolute and relative wages will be considered, also relating it back to the long-standing debate on the Marxian law of the falling rate of profit.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 20976.
Date of creation: Sep 2009
Date of revision:
Marx; subsistence wage; wages and productivity; Marxian law of the falling rate of profit;
Find related papers by JEL classification:
- B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
- E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
- B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-03-13 (All new papers)
- NEP-HPE-2010-03-13 (History & Philosophy of Economics)
- NEP-LAB-2010-03-13 (Labour Economics)
- NEP-PKE-2010-03-13 (Post Keynesian Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Allin Cottrell & William A. Darity, Jr., 1988. "Marx, Malthus, and Wages," History of Political Economy, Duke University Press, vol. 20(2), pages 173-190, Summer.
- Garegnani, Pierangelo, 1984. "Piero Sraffa," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 1-2, March.
- Schefold, Bertram, 1976. "Different Forms of Technical Progress," Economic Journal, Royal Economic Society, vol. 86(344), pages 806-19, December.
- Samuelson, Paul A, 1978. "The Canonical Classical Model of Political Economy," Journal of Economic Literature, American Economic Association, vol. 16(4), pages 1415-34, December.
- Howard Petith, 2005. "Marx's analysis of the falling rate of profit in the first version of Volume III of capital," Review of Political Economy, Taylor & Francis Journals, vol. 17(2), pages 269-290.
- Harris, Donald J, 1983. "Accumulation of Capital and the Rate of Profit in Marxian Theory," Cambridge Journal of Economics, Oxford University Press, vol. 7(3-4), pages 311-30, September.
- Eckhard Hein, 2006. "Money, interest and capital accumulationin Karl Marx's economics: a monetary interpretation and some similaritiesto post-Keynesian approaches," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(1), pages 113-140.
- Okishio, Nobuo, 1977. "Notes on Technical Progress and Capitalist Society," Cambridge Journal of Economics, Oxford University Press, vol. 1(1), pages 93-100, March.
- Green, Francis, 1991. "The Relationship of Wages to the Value of Labour-Power in Marx's Labour Market," Cambridge Journal of Economics, Oxford University Press, vol. 15(2), pages 199-213, June.
- Bowles, Samuel & Gintis, Herbert, 1977. "The Marxian Theory of Value and Heterogeneous Labour: A Critique and Reformulation," Cambridge Journal of Economics, Oxford University Press, vol. 1(2), pages 173-92, June.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.