Marxian Economics Revisited
Seligman, Ben B.
The contempt frequently expressed by many economists toward Karl Marx first began to dissolve when the growth of monopoly and the possibility of such disturbing phenomena as unemployment...
...Despite this, the theory was as static as anything ever developed by the marginal economists with their Robinson Crusoe doctrines...
...While ordinary economics has proved superior in ascertaining the price of tea and other little things, Marxian economics has been concerned with questions in the round...
...18-21 (Kerr edition...
...tions with actual behavior...
...Labor is divided into concrete and abstract labor...
...Marx comes close here to what present day economists call acceleration, or the way in which demand affects investment...
...Wages in the long run were supposed to be determined by the size and effectiveness of the reserve army...
...It should be obvious that to Marx falling profit and accumulation could hardly be separated from the problem of economic crisis...
...The early writings, notably the German Ideology and the Holy Family, clearly show that non-economic factors and the way in which social reality reflects itself in individual behavior were important facets of the Marxian view...
...The essential point, however, is that from this definition flows surplus value, the excess created by labor over its own worth...
...The distinction between industrial and financial circulation is a reminder of old-time depression talk about hoarding...
...Involved in this process was the fall in the rate of profit and the periodic eruption of economic crisis...
...Still, most economists did not bother to find out what it was that Marx was talking about and it was necessary to await the arrival of monopoly, imperfect competition and cycles once again to discuss exploitation, accumulation and economic growth.f One difference is that today we use a seemingly more esoteric terminology...
...That so many of his supposed intellectual descendants assert all the Marxian phrases to be absolute truth is merely sad, for this reveals them to be precisely the sort of fools Marx abhorred...
...t Cf...
...As Mrs...
...steady on a fairly even keel, one would think that the rate of profit could be maintained without this particular internal contradiction...
...Despite his passion for agitation, Marx was at heart a scholar who, as Joseph A. Schumpeter once remarked, wrestled with the relevant facts and ideas and frequently came up with really useful generalizations...
...These countervailing forces might be quite potent, Marx conceded...
...It is not clear whether Meek has in mind the puerile discussions under Stalin...
...With its emphasis on the long view the Marxian system has been fairly useful in sketching the direction in which we have at times moved...
...His keen analytic insight into the basic dynamics of 19th century capitalism, the law of motion, and his comprehension of the underlying realities of everyday life left most of his fellow social scientists far behind...
...Robinson when she says that "...no point of substance in Marx's argument depends on the labor theory of value...
...V11 There is much in Marx's analysis of economic upset that anticipated modern thinking...
...This is a problem that not even the ingenious revision of von Bortkiewicz has been able to solve convincingly.* More specifically, the labor theory of value is non-operational, for not only does it fail to measure changes in the price of goods or productivity, but it is impossible to fit empirical material into its framework...
...As to the remainder, they simply had different names for what the reasonable person calls profit...
...a born analyst, a man who felt impelled to do analytic work, whether he wanted to or not...," said Schumpeter...
...If it works at all, it can do so only under conditions of perfect competition and if we are willing to make the assumption that labor is the sole factor of production...
...But above all, to both Marx and Keynes, economic breakdown resulted from internal insufficiencies...
...It was really a matter of simple arithmetic, for if the rate of exploitation was constant, then with an increasing ratio of capital to labor the rate of profit was bound to fall...
...The fact is that it is a remarkable body of doctrine which incorporates numerous effective devices for explaining the internal drive of the capitalist economy...
...It was the rate of saving out of surplus value that governed investment: the pace, however, was set by the competitive drive to defeat one's rivals in the n arket place...
...Even if we grant that the "modes of production" exhibit a kind of internal logic in the course of their exfoliation, during which succeeding modes of production are evolved, we must allow for numerous exceptions that are explicable only by admitting a good deal more interaction between the economic and noneconomic than Marx might have agreed to...
...Despite the errors and false trails, his theory cannot be blithely ignored, as is all too often done, for its numerous insights provide useful leads to an understanding of the real functioning of the economy...
...Marx's answer was that these were obtained from the surplus value created in industry...
...Joan Robinson, On Re-reading Marx, Cambridge, 1953...
...Schumpeter calls attention to this implication of Marx's discussion of this pointin his History, p. 628...
...J. Robinson, Marx, Marshall and Keyness, Delhi, 1955...
...Robinson, Essay, Chap...
...Marx himself approached economic questions with an enormous command over relevant factual data which he hammered into shape with some interesting analytical tools...
...A further indication of "increasing misery," said the French Marxists, was the great amount of time workers must spend traveling to and from the job...
...Joan Robinson contends that the whole problem was an unreal one, for the very values which need to be explained are obtained by first transforming prices into value...
...The small farmer was forced off the land...
...IY One is tempted to agree with Mrs...
...This is implicit in the simple reproduction of Vol...
...Robinson put Marx into the same basket with Marshall and Keyness.** This must have appeared outrageous to the orthodox on both sides, but there is merit in her argument...
...But above all, he dealt with technology, underconsumption, unemployment and the concentration of capital...
...Here then is the nub of the circulation and reproduction process...
...Economics, he said, is concerned with those relationships which are set in an employer-employee context...
...But somehow Marx * Cf...
...According to Marx, packaging and bookkeeping do not add value to goods, they merely help in its realization...
...investment problem: his analysis of disequilibrium in simple reproduc...
...or again, consider the famous question of the transformation of value into prices, over which a furious debate has raged through the years...
...Lure of capitalism...
...The increasing inability to realize surplus value impedes further investment while paradoxically stimulating labor saving devices...
...In the beginning there was no accumulation, no ingathering of capital, merely replacement, as in the stationary state of the bourgeois economist...
...Marx was...
...The foregoing seems to express the matter in Keynesian rather than Marxian language...
...The industrial revolution offered the first occasion for accumulating fixed rather than circulating capital...
...This he built in the "expanded reproduction" scheme revealing how capital was augmented...
...Marx, although possessing much cruder tools, exhibited a far deeper sense of the meaningful: his formulations of economic problems tower over most of the works of his time "in rough and gloomy grandeur...
...That some of his concepts can no longer withstand the scrutiny of advancing knowledge, he would have been the first to concede...
...Yet it was possible to argue in favor of the Marxian definition of the profit rate when the concept was extended to the entire economic system...
...But he did suggest that the relative share would decline, for though real wages might rise, they were unlikely to rise proportionately with productivity...
...But in contradistinction to others, notably Keynes, Marx did not believe that it was possible to shore-up the economy by hasty schemes designed to bolster consumer demand...
...This, usually known as the Moscow subway argument, is of no help in working out an economic, or for that matter, any other kind of problem...
...It enforced the accumulation of capital and thereby increased the wealth of nations...
...It must be recognized that prices and production according to Marxian categories can be explained only through a number of restrictive assumptions which are unlikely to exist in a dynamic economy...
...5 et seq...
...Another way of looking at this question is to say that in the case of an ever-increasing stock of capital, investment can only occur when the market itself keeps expanding...
...That this is, in a sense, little more than a sociological truism and merely the starting place for genuine economic analysis seems to have escaped Marx and by belaboring the point he merely created an alien mystique...
...J. Robinson's Essay on Marxian Economics, London, 1942...
...For example, Roy Harrod, a noted British theoretician and biographer of Keynes, has developed a theory of "warranted growth" in which it is shown that when an economy moves away from equilibrium it is rather hard to get it back...
...This implies the need to create more means of production than that necessary to replace used-up constant capital...
...The analysis of expanded reproduction then goes on to break down the value categories in a way that accounts for their different combinations...
...Further complications arose from such factors as the excessive resort to credit, the relationships of interest to profit, speculative activities, monetary inflation and errors in planning...
...native economies in colonial regions were torn asunder...
...With the latter kept * Oxford, 1952, Chap...
...Marx's reasoning on this score was entirely classical, for he thought that capitalists get themselves out of the rough by cutting wages...
...analysis proferred by the science of his day, with straightening out logical difficulties, and with building...
...In fact, the labor theory of value almost comes into its own in such an "economy" since the unit product value is also constant...
...Marx did not say—and here the burden of proof is on those who insist he did—that art and ethics and religion are reducible to material elements...
...Output represents what Lord Keynes used to call aggregate supply while income comprises expenditure on both means of production and consumption...
...The various forms of production known to history, said Marx, deeply affect social relationships and these in turn condition men's attitudes.* While engaged in this investigation, Marx was not averse to pouring slop over the heads of his hapless opponents, who in his eyes confounded verbal formula...
...Accumulation was associated with a "rising organic composition of capital...
...Nor can the labor theory of value really operate as a measuring device, surely an important function for such a theory...
...These dynamic changes demonstrated to Marx the need for a more complex model of circulation...
...Keynes also believed, as did Marx, that accumulation was not merely a passive phenomenon, but an active, often creative, often disturbing process penetrating all interstices of the economic system...
...Since the latter are rooted in the wage relationship, capital must be defined by alienation from tools and ownership of property...
...Capitalism was in a sense to be admired, for it had an historic mission, to wit, spreading its productive power over the face of the globe...
...That he was not always able to come up with the right one is beside the point.* The fact is, he was a serious thinker who dealt with serious problems...
...The evidence offered was the case of a worker who once walked to work but now drives a Renault while his employer uses a Cadillac instead of an ancient horse and buggy...
...Leo Rogin, The Meaning and Validity of Economic Theary, New York, 1956, p. 332 ff...
...Moreover, it would also appear to be quite reasonable to relate profits to the sale of output and this means ultimately to effective demand...
...That is to say, wages are sticky...
...Surplus value is now distributed to ordinary consumption for the capitalist, additional variable capital and more constant capital...
...For example, capitalists making the means of production may, if they wish, directly reinvest part of their output to replace that used up in the manufacturing process...
...These are perhaps the most spectacular parts of his doctrine, for they represent in a really fundamental way a theory of economic development...
...It is obvious that the notion of immiseration—whether relative or absolute—is no longer defensible...
...especially for analytical purposes, that labor power, the term preferred by Marx, acts only on part of the equipment committed to production...
...Even contemporary die-hard followers of Marx have had their hitherto staunch belief shaken on this point...
...Basically, the economic problem, was a matter of the way in which the continuous structure of labor requirements affected accumulation and the changing struc • Das Kapital, Vol...
...Equilibrium can only be maintained if both the producers' and consumers' goods industries are able to expand together...
...We must conclude that the labor theory of value fails as an analytical tool...
...See Meek's Studies in the Labor Theory of Value, London, 1956...
...Shift a few terms about and the Marxian decline in the rate of profit becomes a 19th-century cousin of the Keynesian marginal efficiency of capital...
...This characterization may be demonstrated more clearly when we leave behind the metaphysics in the early sections of Vol...
...As one commentator has said, "Marx developed a comprehensive analysis of the category of capital and of capitalist accumulation in relation to the complicated and highly differentiated set of institutions which were provoked by this accumulation and which in turn accelerated it...
...So far no serious problems have been encountered, for in this model there is no technical progress and the ratio of capital to labor is unaltered...
...It is obvious that this will hold, even in Marx's framework, only under conditions of perfect competition: there is nothing in the Marxian model to account for the existence of monopoly or other imperfections...
...Marx's objective was to make labor value the foundation of his exploitation theory, which in accordance with the organic composition of capital, or the degree of mechanization, would differ in different industries...
...In his view, equilibrium requires renewals of fixed capital in sufficient quantity to balance "amortization...
...The comments on the impact of speculation and overselling and the compulsion to produce beyond the limits of reasonable demand is not unrelated to the contemporary problem of inventory stockpiling...
...The historical method he employed was remarkably effective and the interrelations of social change with given modes of production could not be denied...
...Add to this situation leakages in income flow and it would appear unlikely that a continual expansion is indefinitely sustainable...
...the latter supposedly represents the common quality of work qua work...
...III It is in the pure economics of his social science that the most useful parts of Marx's system may be identified...
...Other portions would be exchanged for wages goods and luxury items produced in the remaining sectors of the economy.* The foregoing is a rather simplified version of what appears to be the most useful element in the Marxian apparatus...
...He even set up "models," so dear to the hearts of modern theorists...
...It is easy to understand why such factors as the rate of exploitation and labor productivity were viewed by Marx as important, for these were the very elements that swelled the available total of surplus value...
...Orthodox Marxists such as Ronald Meek of the University of Glasgow still feel that the labor theory is good science and that there have been striking developments in it since 1894...
...For example, he points to an accumulation of depreciation reserves unmatched by demand offsets as a cause of economic crisis...
...But Marx was not unaware of the savings...
...Try to explain price level changes via the labor theory and we come up against the skilled versus unskilled worker problem...
...Under these conditions Marx admitted the possibility of a rise in the absolute level of wages...
...Here Marx tried to demonstrate that value was derived from the given socio-economic relationships that men enter into for the purpose of producing means of subsisence...
...2, London, 1952...
...Industries are divided into those supplying new means of production, those which provide workers with the means of subsistence, and the ones whose output consists of luxury goods to satisfy the consumption of capitalists...
...Another problem was the distinction between productive and non-productive labor...
...I and go on to the problems of circulation and accumulation which were more fully explored later on in Marx's opus...
...But how could one account for misery and unemployment, if the demand for labor in a dynamic capitalist order was increasing...
...Chaps...
...The situation is, of course, somewhat more complicated than this, since new capital might be unused or merely substituted for earlier, older capital, in which case the economy must face up to a possible waste of resources...
...Just how this was done, is not clear, but there is the admission that from the "commercial capitalist's" view bookkeepers are productive.'** The fact is that the labor theory of value has a metaphysical rather than a genuinely economic base...
...Theorien fiber den Mehrwert in the Terence McCarthy translation, p. 194 ff...
...and heavy, fixed equipment became the hallmark of a new order...
...Simple offsets to savings are not enough to maintain a "growing equilibrium," for in fact, investment must always exceed saving...
...in the problem as a problem [and] was primarily concerned with sharpening the tools of • Cf...
...In all three groups the latter may be consumed or reinvested...
...cottage industries were violently disrupted...
...While this is never defined precisely, it seems to be the average of abstract labor that provides the standard of measure for value...
...V1 Surplus value was for Marx the instrument of accumulation...
...The required ratio for stable economic growth is established when the rate of increase in capacity equals the rate of increase in income...
...V But to Marx accumulation and growth were central, for this was the locus of all the fundamental contradictions of the capitalist order...
...We know that not all of the surplus value available to capitalists is consumed: some portion is invested for the express purpose of enlarging the total stock of capital...
...Marshall considered profit a great driving force, Marx scorned it and Keynes was indifferent, believing it fine so long as it did not impede the proper functioning of the economic system...
...However, they do not agree on the definition of the elements to be deducted from revenue...
...Yet Keynes showed that this only worsened matters...
...tion, comes into possession of the entire product which he then distributes to the different factors...
...But to grasp these ideas requires more than a casual perusal of Vol...
...a theory that in nature and intent was truly scientific whatever its shortcomings...
...A debate last year among French Marxists revolved around the question of potential versus actual remuneration...
...Only through a greater degree of exploitation, more intense work, speed-up, depressing wages below the value of labor power, or through foreign trade, could declining profit rates be halted...
...the worker irrevocably lost control of his tools...
...There is a clear implication in his theory that capitalism can not sustain for long any built-in stabilizers...
...More wages goods are also needed for the workers...
...Marx clearly intended to use these concepts for establishing conditions of economic equilibrium in the broad, macroeconomic sense, since the idea of a rate of surplus value applied to a single enterprise was clearly little more than an heroic abstraction...
...This has caused no end of confusion, for it is generally customary in computing the rate of profit to consider total capital, a procedure rejected by Marx.* The theory, though, had a logical function...
...Marx, like Keynes, rejected automatism in economics...
...His absolute dedication to the task as he saw it was a remarkable exhibition...
...tion demonstrates a fairly clean grasp of the question...
...The theory, stemming mainly from Ricardo, proclaims that the value of a commodity is proportional to the quantity of socially necessary labor time included in it...
...Output has risen over the years despite a reduction in man-hours, and even recourse to the famous "socially necessary labor time" phrase fails to rescue the theory, which is unverifiable and simply describes a gen...
...The labor theory of value, which is wrapped up in Hegelianisms, is where Marx begins...
...In an expanding economy productive capacity increases in consonance with income...
...The contempt frequently expressed by many economists toward Karl Marx first began to dissolve when the growth of monopoly and the possibility of such disturbing phenomena as unemployment became genuine realities...
...The production of each is divisible into variable capital, constant capital and surplus value...
...The fact is that the Marxist theory of the falling rate of profit is too constricted and too limited to be fully useful for analytical purposes...
...I1 In a wonderful series of talks to students a few years back, Mrs...
...But what is this other than what Marx called capitalism's "law of motion...
...Marxists respond to this question by gleefully underscoring it as one of capitalism's "contradictions," since it is conceivable, they say, for the totality of profit to rise while the rate falls...
...However, what happens is that the constant capital in the producers' goods industries increases faster than the output of consumers' goods and a disproportionate economic structure becomes more and more evident...
...Joseph A. Schumpeter, History of Economic Analysis, New York, 1954, p. 386 ff...
...Such polemics did not make the Marxian viewpoint any the more palatable...
...The last cause of all real crises, he said, "always remains the poverty and restricted consumption of the masses as compared to the tendency of capitalist production to develop the productive forces in such a way that the absolute power of consumption of the entire society would be their limit...
...In fact, on close inspection it was impossible...
...At this stage but a first approximation, it nevertheless does lead eventually to what Veblen called the "climax of [Marx'] great work," the law of accumulation...
...I. Consumer goods, fixed and circulating capital are put back as used, so that the value created during a given period is equal to the claims on consumption...
...This was to him a fundamental "contradiction" which stemmed from the tendency toward disproportionate growth in the producers' and consumers' goods industries...
...Cf...
...Yet despite this unnecessary appendage, many parts of the Marxian economic corpus can still stand...
...The process of accumulation—or growth, if you will—is internal to the economic order and does not require any outside stimulus to get it going...
...The economy must behave like an Einsteinian universe, always expanding at an accelerated rate...
...Continuous, uninterrupted accumulation under capitalism seemed unlikely...
...eral tendency easily countervailed...
...Our recent economic exhilaration illustrates the point...
...But how many persons are willing to undertake such an enormous task...
...Robinson says, when a Marxist is asked whether capital is to be defined as a stock or a flow he is apt to reply that Marx was a genius...
...What he did maintain was that economic situations markedly shape the institutions and ideas of men, and in so saying he tried to prove that it was necessary to explore the ideology of the moment...
...This is not the only parallel with Keynesian thinking...
...Robinson, Essay, p. 41 fE...
...There was also implicit recognition of the role of money as a store of value as well as a means of payment...
...How then are we to account for wages and profits in commercial enterprise...
...The rate of profit, however, would tend toward equality in all lines because of competition among capitalists...
...Of course, die-hard followers of pure Marxism find it extraordinarily difficult to accept the belief that someone other than Marx could have stumbled across the same ideas, nor are they willing to accept the notion that certain aspects of the master's analysis might be incorrect or inconsistent...
...Labor's share in national output over the long run has not fallen, as J. Steindl says in his Maturity and Stagnation in American Capitalism.* In many industries thedrop in the wage proportion that might have been occasioned by technological change was overcome by increases in productivity...
...It should be noted, * Cf...
...Robinson, is the color of the glasses through which they look at economic reality: Marshall's are blue, Keynes' slightly pink and Marx's a bit red...
...The value-creating process affects only the portion of the means of production which enters into the final product...
...In Keynesian terms, there is an insufficiency of investment...
...Thus, each component in the circulation process may be expressed as a supply and a demand...
...S. Kuznets has offered data to show that the share of wages in net income moves in ways that Marx would not have thought possible— downward in an upswing and upward in a depression...
...For example, all three agree that revenue minus wages, materials cost and depreciation yield profit...
...It is this which makes Capital such a rich mine of sug gestions for the interpretation of capitalism, even for those who are not in sympathy with [Marx...
...Accordingly, the division of the national income becomes a matter of haggling and bargaining, and on this point Marx's answer is no better than that of the "bourgeois" economist...
...Despite the enormous handicaps under which Marx worked, he was able to carve out a significant body of theory...
...Another major argument in the Marxian system relates to the rate of profit.** Here Marx looked to the structural organization of capitalism: that is, he did not stress the lack of sales or falling demand as the cause of profit declines, but pointed rather to the rising organic composition of capital...
...Joan Robinson, the noted British economist, says, it was possible to derive with great accuracy the value of a cup of tea...
...They noted that he had tried to work out carefully and analytically relationships between the various social and economic components...
...The Marxian scheme here may be visualized as a flow analysis of income, perhaps the first analytically effective one in the history of economics...
...gets into difficulties when he says that prices correspond to values, for this implies that the rate of exploitation tends toward the same level in all industries...
...These were big questions and Marx sought to supply the big answer...
...According to Marx, this is quite unlikely...
...If investment is the course to be followed, then surplus value again becomes either variable or constant capital, in which case part of the output must be exchanged against goods of the other sectors...
...But he supplied no definite answer as to the general tendency over the long run, feeling that the specific circumstances in a given era would determine the actual movement of profits...
...English history provided Marx with many striking illustrations of this inexorable process...
...Yet, as had been noted by other writers, the materialist interpretation remains but a brilliant approximation...
...As a man of intellect Marx towered over most of the economists of his day...
...Here Marx dragged in the deus ex machina of the industrial reserve army, which presumably kept growing as the proportion of labor utilized in production declined...
...If savings are less than what is required for ordinary investment, then capital is apt to become scarce with economic exhilaration as the likely, and usually welcome, result...
...The only substantial difference between these gentlemen, said Mrs...
...And superimposed on all this was group conflict, class consciousness and the whole sociology of revolu tion...
...It was grudgingly conceded that some improvement in wages and living standards had occurred, but still, it was insisted, the restricted opportunities of the working class must prove Marx's theory of increasing misery...
...Its very facility makes it a dubious device, for social behavior is infinitely more complex and more devious than it would imply...
...Now, there seems to have been some difficulty in relating the failing profit rate theme to accumulation, for it is obvious that the latter would soon grind to a halt with declining profits...
...This is the basic message of Marxian theory, one too often overlooked by other economists...
...In all this there is revealed an inherent tendency to disequilibrium, for according to the Marxian model, the value of the replacement goods fails to match accumulated depreciation reserves...
...XIV, p. 228 ff...
...In that sense it is merely a pure concept...
...The glaring unreality of such a premise is self-evident...
...These were the political elements in the story which have served unfortunately to obscure the economic analysis...
...More and more, social scientists came to agree that Marx's examination of the economic system in its totality was relevant to the problems at hand...
...I. We must again agree with Schumpeter when he says that comprehending Marx demands not only a knowledge of the economics of his day (that is, Ricardo) but resigning oneself to a careful reading of the whole of Das Kapital and the Theorien uber den Mehrwert, the so-called "fourth" volume (a brilliant study of the history of economic thought) as well...
...commentators have said, did not mean that men are motivated by purely economic or material considerations...
...At this point the major distinction between the two writers is their use of aggregates: Marx talked about surplus value while Keynes spoke of income flow and effective demand...
...Here the fact is underscored that the central theme of Das Kapital is precisely what the title implies— man-made means of production and the social relations that govern their use...
...If, however, the significant ratio were redefined as the proportion of profit to wages, there would be no valid reason why the rate could not keep increasing...
...Wealth could now be measured by buildings and machinery rather than by stocks of goods in warehouses...
...One of these was the "materialist interpretation of history," a concept which, contrary to what most * Joseph A. Schumpeter, Capitalism, Socialism and Democracy, New York, 1952, p. 21...
...Certainly, we must agree with Schumpeter who said that Marx's economic ideas could not be dismissed easily...
...Orthodox economists had evolved through the years some fairly elegant analytical structures from which, as Mrs...
...It is only those lacking in historical understanding and imagination who could dismiss such a figure as unimportant...
...But should investment fail to meet these conditions, excess capacity would soon ensue, giving rise to deflationary factors...
...T. B. Bottomore and M. Rubel, Karl Marx: Selected Writings in Sociology and Social Philosophy, London, 1956...
...thus only circulating capital and depreciation are involved rather than the total stock of capital...
...Marx was interested, said Schumpeter...
...But under the most favorable conditions, the increase in capital equipment might take place without changing the technical input factors...
...Marx wanted to demonstrate, however, that the major benefits of this inexorable process accrued to the few and it was because of this fundamental "inner contradiction" that capitalism was bound to stumble...
...The realization of surplus value would require an expansion of demand, an unlikely development in the face of the limited purchasing power made available to the mass of the population...
...Workers are not only legally free but also free from the means of production...
...Now, accumulation means an increased demand for labor, despite the fact that the value theory adopted by Marx would suggest otherwise...
...It is because of this that capital begins to assume a monopolistic aspect, for it is the capitalist who, upon hiring the means of produc * L. von Bortkiewicz, "Value and Price in the Marxian System," reprinted in International Economic Papers, No...
...The fact is that modern experience indicates a contrary trend, for the possibility of wages increasing in consonance with productivity has been demonstrated much too often to make the Marxian proposition a valid one...
Vol. 5 • September 1958 • No. 4
