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

Date: Sat Apr 10 2010 - 07:20:52 EDT

> Either you have to say that capital accumulation is not per se
> part of the social surplus product, or else you have to say that
> when the wage rises above the value of labour power, then it includes
> part of the social surplus.

Hi Paul C:
If workers' savings becomes customary and socially expected in a
given society, then it becomes part of the VLP. Another way of looking
at this is a part of what appears to be the surplus is in fact
necessary consumption. It only appears to be surplus because of the
annual nature of the accounts. If we look at the funds over the
lifetime of the working-class families who are doing the savings
we see that they are indeed necessary within some capitalist societies
for the reproduction of the working class. Instead of agreeing to
pay for the lifetime reproductive requirements for the working class,
workers are forced to give - in effect - a loan to capital. THey
are compelled to do this since otherwise their real savings would
erode over time - at least during inflationary periods.
In solidarity, Jerry
ope mailing list
Received on Sat Apr 10 07:22:23 2010

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