[Marxism] Half of New Yorkers Say They Are Barely or Not Getting By, Poll Shows
marxmail00 at gmail.com
Thu Nov 26 03:53:27 MST 2015
> On Nov 18, 2015, at 10:26 PM, Shalva Eliava via Marxism <marxism at lists.csbs.utah.edu> wrote:
> This is patently false! Labor's share is amd always has been rising! Just ask Michael Roberts.
I’ve been wanting to come back to this to ask for clarification and / or evidence to support this assertion - that labour’s share is always rising - since it doesn’t square with my reading of Michael’s work (even allowing for the rhetorical hyperbole). The following passage, for instance, would seem to suggest that your assertion is not merely false but a bit reckless:
"Despite these arguments for Marx’s law of profitability, Mohun left us wondering whether Marx’s law is ‘indeterminate’ and so does not explain or show why the rate of profit will or must fall. Mohun also threw doubt on whether the rate of profit has actually fallen in reality. Mohun pointed out the huge difficulties in measuring the rate of profit a la Marx from official statistics and we don’t have much more than the US or the UK to work on. And Mohun left open the question of whether Marx’s law related in any way to crises.
"Actually, Mohun himself has done excellent empirical work on the UK rate of profit in the inter-war period and more recently delivered a super paper on measuring the share of wages and profit in the US economy (ClassStructure1918to2011wmf.) Indeed, I’d like to think that some of us have made progress on the calculation issues and also in looking at profitability of capital globally beyond the US. In that latter regard, I have done work on a world rate of profit and even more recently a study of the UK rate of profit over the last 150 years (UK rate of profit August 2015). And don’t forget the sterling work done by Esteban Maito on a world rate of profit based on 14 countries. Next year, G Carchedi and I will publish a book containing the work of several young scholars who have measured the rate of profit in many countries globally. These analyses will give renewed support to the relevance of Marx’s law of profitability."
For easy reference, the conclusion of the paper by Mohun that Michael favourably references in the last paragraph above begins as follows:
"In order to construct a picture of long run US economic development in class terms, this paper has proposed a method of cutting into the distribution of income such that the intervals constructed reflect the different classes of the economy. These intervals are not the constant percentile categories that have been the subject of so much recent attention. Apart from the construction of the basic class categories themselves, the main finding is that inequality of income in class terms is currently greater than at any time since 1918.”
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