| ▲ | kjshsh123 4 hours ago |
| The labor theory of value hasn't been considered correct in nearly a century. |
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| ▲ | noosphr 3 hours ago | parent | next [-] |
| If you want the neoclassical version: What happens when there is an oligopoly in the supply of labor? Same answer. Nothing good for the consumers of labor. |
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| ▲ | kjshsh123 3 hours ago | parent [-] | | Technological improvements shift supply curves right which is good for consumers. | | |
| ▲ | noosphr 3 hours ago | parent [-] | | In a market with perfect competition, which I specifically ruled out by stating that the suppliers of labor from an oligopoly. | | |
| ▲ | dash2 2 hours ago | parent [-] | | Why would you expect technological improvements to only shift supply curves right under perfect competition? I'd also expect it under oligopoly or even monopoly. You also might think there'd be more tech improvement under oligopoly, on Schumpeterian grounds that oligopolists can internalize the benefits of tech research. | | |
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| ▲ | _alternator_ 4 hours ago | parent | prev [-] |
| "Observation of how economies actually work has upended 150 year of economics." True for both Marxist and neoclassical economics. |
