September 23, 2013 at 2:58 pm #18003
Thanks a lot, I guess this is what I was thinking about:
“Thus, a worker’s wage will increase if the market value of what he produces increases, even if his physical productivity doesn’t rise.”
I’m not sure about the following thiugh:
Fundamentally, for real wages to increase, a higher market value is not enough. Only capital accumulation and an increase in production can increase wages substantially over a sufficiently long period of time. And increased wages of workers that use machinery can increase wages of workers with no machinery by purchasing their products/services thanks to their higher purchasing power!
Is this correct? :