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.
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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)
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- 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.
- Garegnani, Pierangelo, 1984. "Piero Sraffa," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 1-2, 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.
- 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.
- Schefold, Bertram, 1976. "Different Forms of Technical Progress," Economic Journal, Royal Economic Society, vol. 86(344), pages 806-19, December.
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