Except that not all labor is exploitable to the same degree when it comes to
relative surplus value. Thus a savings glut can also coexist with labor glut,
which is independent of absorptive capacity of savings or investment outlets.
anthony
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Anthony P. D'Costa, Professor
Comparative International Development
University of Washington
1900 Commerce Street
Tacoma, WA 98402, USA
Phone: (253) 692-4462
Fax : (253) 692-5718
http://tinyurl.com/yhjzrm
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On Sat, 13 Oct 2007, Doug Henwood wrote:
Date: Sat, 13 Oct 2007 16:35:53 -0400
From: Doug Henwood <[EMAIL PROTECTED]>
Reply-To: PEN-L list <[email protected]>
To: [email protected]
Subject: Re: [PEN-L] Savings Glut Conundrum
On Oct 13, 2007, at 4:22 PM, Michael Perelman wrote:
If there is a global savings glut, why does capital get such a big
share of the pie?
If finance is so abundant, why is there not great competition for
labor, bidding up
wages?
If there is a savings glut, it's relative to investment, not labor.
Labor is even more abundant than capital.
Doug
