Re: [OPE] Open problems in Marxist economics: Workers' savings

From: Gerald Levy <>
Date: Thu Apr 08 2010 - 15:10:39 EDT

> The alternative in my view is to take the labour content of the real
> wage bundle *actually consumed*. I think it is only then one can obtain
> a theory consistent with historical materialism.

Hi Dave Z:

Actually consumed *when*? If workers receive wages today and
spend it immediately it should be no different (provided we are talking
about real income)
than if they save a part of their income and spend it tomorrow, next week, a
year from
now, or thirty years from now. It's true that the magnitude may be
marginally greater
with savings, but the funds are still actually consumed by the workers
their families.

In solidarity, Jerry

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Received on Thu Apr 8 15:25:53 2010

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