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A stimulating article.
It is amusing that the Bank of England freely admits that wages are linked to the supply of labour (See thereandwhere.com/image… ) but the UK/USA mass media denies this.
Economics, like history, has, for the past 50 years, been immersed in the idea of change being due to collections of individuals. This assumes that …
A stimulating article.
It is amusing that the Bank of England freely admits that wages are linked to the supply of labour (See http://www.thereandwhere.com/images/wagesandworkforce.png ) but the UK/USA mass media denies this.
Economics, like history, has, for the past 50 years, been immersed in the idea of change being due to collections of individuals. This assumes that the individuals have access to information relevant to the change. This raises the question: Who is suppressing information about the relationship between worker supply and wages? We have the same question about housing in the UK: Who is suppressing the relationship between house prices/rentals and population growth?
It comes back to power and wealth. It is not the Marxist workers who ultimately control society. It is the rich and powerful. It is here that the disconnection occurs between the biology of the individual and the social experience of the individual. We live in a fantasy world where the narratives favour oligarchs who wear T-shirts and rattle on about their philanthropy whilst manipulating everyone for their own benefit.