[OPE-L:4899] the value of labour power and the minimum wage

From: Gerald_A_Levy (Gerald_A_Levy@email.msn.com)
Date: Wed Feb 14 2001 - 08:48:49 EST

In [OPE-L:4891] Steve K wrote:

>  Yet *every* reference of one to the other that I
> have found in Marx's own writings refers to the value
>  of labor power as the
> *minimum* wage

See Vol 3, Ch. 14, Section 2 ("Reduction of wages BELOW their value",
emphasis added, JL) of *Capital*  (Penguin/Vintage ed., p. 342).

Regarding this possibility, Marx explicitly mentions the role of  *trade
unions*  as a counter-veiling force: "trade unions wish to prevent the
*price* of labour-power from falling below its value" (Volume 1, Penguin
ed., p. 1069).
But this quote is _not from *Capital*_ -- it is from the "Results of the
Immediate Process of Production" which Marx chose not to include in Volume 1
when it was published.

In solidarity, Jerry

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