In fact, profits don't have to go down. There is amble historical evidence that high
wage economies growth faster than low wage ones. In that case wages and profits can go
up at the same time. Your
statement is true only in a static economy.
Charles Brown wrote:
>
>
> ____________
>
> CB: This is essentially the same argument that Karl Marx critiques in _Value, Price
>and Profit_ , just in case Krugman thinks we forgot. Wages can go up without
>lessening jobs , if profits go down.
>
> CB
--
Rod Hay
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The History of Economic Thought Archive
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