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if you actually look at the inputs and outputs of entire industrial sectors, rather than individual firms, you generally find a very high correlation between th
by deadfoxygrandpa 3y ago
if you actually look at the inputs and outputs of entire industrial sectors, rather than individual firms, you generally find a very high correlation between the price of labor as input and the price out the output of that sector. like >96% for the uk as found by cockshott and cottrell in their 1995 paper
- nvm0n2 3y agoNow do the oil industry.
- deadfoxygrandpa 3y agothe oil industry is in that same paper. it's the outlier in that its output is a bit higher than predicted, because of economic rent
- nvm0n2 3y agoMy point is that the price of oil has nothing to do with the price of labor and frequently fluctuates in massive ways unconnected to the labor market.
- greenie_beans 3y agoprice has nothing to do with the labor theory of value
- nvm0n2 3y agoThe post I was replying to talks about price.
- HDThoreaun 3y agoDon’t really feel like writing a treatise right now so I’ll just use the same link I put in the other comment https://reddit.com/r/badeconomics/s/7KeMalYvVC https://reddit.com/r/badeconomics/s/7KeMalYvVC