value

[goat]

Marx was drawn to the labor theory because he believed human labor was the only common characteristic shared by all goods and services exchanged on the market. For Marx, however, it was not enough for two goods to have an equivalent amount of labor; instead, the two goods must have the same amount of "socially necessary" labor.

Marx used the labor theory to launch a critique against free-market classical economists in the tradition of Adam Smith. If, he asked, all goods and services in a capitalist system are sold at prices that reflect their true value, and all values are measured in labor hours, how can capitalists ever enjoy profits unless they pay their workers less than the real value of their labor? It was on this basis that Marx developed the exploitation theory of capitalism.

https://www.investopedia.com/terms/l...y-of-value.asp

[goat]

The US is the land of immigrants who don't understand their value but by the 2nd or third generation they have been Americanized and do realize their value. This creates an endless cycle of new immigrants willing to be exploited with 80-hour work weeks at minimum wage or less.

[goat]

The desperation of high unemployment also results in workers dropping their value. ShadowStats has real unemployment above 20% for the last 14 years. Raising interest rates will only add to what is already Great Depression unemployment.

[zymurgy]

~crickets

[floridafan]

The desperation of high unemployment also results in workers dropping their value. ShadowStats has real unemployment above 20% for the last 14 years. Raising interest rates will only add to what is already Great Depression unemployment.

Shadow Stats? LINK?

[BidenPresident]

The desperation of high unemployment also results in workers dropping their value. ShadowStats has real unemployment above 20% for the last 14 years. Raising interest rates will only add to what is already Great Depression unemployment.

Wow, you're an economist. Who'd a thunk.

[floridafan]

Wow, you're an economist. Who'd a thunk.

Am I still on ignore???

[goat]

Wow, you're an economist. Who'd a thunk.

Labor Theory Value is the name of the article I posted. It helps explain why there is such a divide in the US. Workers are paid below their value.

[BidenPresident]

Labor Theory Value is the name of the article I posted. It helps explain why there is such a divide in the US. Workers are paid below their value.

Yes. Therefore, what?