[OPE-L:1860] Re: real wages in Marx

Subject: [OPE-L:1860] Re: real wages in Marx
From: Gerald Levy (glevy@PRATT.EDU)
Date: Wed Dec 08 1999 - 07:37:52 EST

Ajit wrote in [OPE-L:1859]:

> The time reference on which one is arguing this issue is not a business
> cycle, Jerry. It is the secular time path and secular trend that is
> under the question.

Marx was concerned with far more than secular trends. He developed a
theory that has a number of temporal units (ranging from what we, in
modern language, might call the "very short run" to the "very long run").

Indeed, I think that Marx would have found any analysis that was not able
to relate long-term secular changes to shorter-term changes in the
business cycle would be inherently unsatisfactory and incomplete.

Indeed, the very mechanism of changing real wages over the long-term
requires a short-run adjustment mechanism.

In solidarity, Jerry

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