[OPE-L:7198] [OPE-L:716] Re: Market Values and Market Prices

Gerald Levy (glevy@pratt.edu)
Sat, 20 Mar 1999 21:43:35 -0500 (EST)

Comment on Jerry's [OPE-L:715]:

Jerry (earlier today) wrote:

> lower prices --> (assuming money
> wages are constant)
> increasing real wages for
> workers

Jerry (later today) writes:

but, Jerry: you didn't consider the size of the working population and
the industrial reserve army in the above scenario.

Jerry, even later today though, wonders whether it is legitimate to
suggest that the "application of machinery" will during the
period of "modern industry" lead to a reduction in the average prices
of commodities.

In solidarity, Jerry