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Sunday, April 02, 2006

Profits share of National Income and Control of Wages

The recent piece on record profit shares of national income affords a linking into a Marxian economics dimension rekindled by the return to Feudalism plan of the Bush Administration. If the knowledge worker's marginal revenue product is rising, but not his/her wage, collusion by management to fix wages is more plausible than concluding it is an aberation of the free market. Collusion regarding the price of labor should be no more exempt from regulation than collusion regarding the price of products if market economy efficiency is to pursued. Despite the rhetoric of the Bush Administration regarding free markets, their policies don't match up.

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