nice that its self-correcting given that people are free to change jobs to whoever pays most. Do we really need to empower a libcommie govt to identify and correct monopsony power? and to correct the 1001 other issues the libcommie thinks need correcting?
Nothing voluntary needs correcting by the *******ned statist control freaks, and they shouldn't 'correct' it even if they could for the better.
the best definition of earned might be: gained in peaceful voluntary transactions in a Republican capitalist society. A liberal, however, will say that if you have, for example, a high IQ and thus got the better of a lower IQ person in a peaceful voluntary transaction you will have, in effect, stolen the money, not earned it. Therefore, a liberal will want to intervene at gunpoint to steal the earnings for purposes of redistribution in order to correct for your higher IQ. This is tantamount to correcting for evolution, something which anti-science liberalism naturally does. Next, they will want to perfectly neutralize sports, class rooms, businesses, hospitals, clothes, and beauty respectively so that all games end in ties, all school grades are the same, all patients die at the same time, all businesses have similar quality products, we all dress the same way, and are all equally attractive so that no one gets a better mate and advances evolutionary development.
Amusing that you abuse a political economic term when all I've done is mentioned how economists apply the term!
LOLOLOLOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ROTFLMFAO!!!!!!!!!!!!!!!!!!! Sounds like a nice theory. But try reality. That's where most of us live.
yep, most employers would prefer to pay $1/hour but thank to capitalist worker tyranny they are forced to pay $26/ hour on average.
Right wing economics keeps its realism in check. Application of any notion of real world economics will limit the ideological manipulation
in the real world China instantly eliminated 40% of the entire planets poverty by switching to Republican capitalism
And your point is that if capitalism is good for a backward, undeveloped country, then it must also be good for the most advanced country in the world?
HAHAHAHAHAHA!!!! So you know nothing of Marxian economics that inspire and guide Marxists. Do you also think feudal economics utilize the same principles of property rights, opportunity cost, aggregate demand, cost-benefit analysis, pricing, and marketing?
Enormously. Start with this. There are about 20 sequential videos from Part 1 to Part 10. Or you could start here instead: https://kapitalism101.wordpress.com/2010/04/28/law-of-value-introduction/ All the videos are listed on the right.
Right wing economics centres on production and left wing economics centres on redistribution of produce. It's two elements of the economy that are in direct rivalry with each other. A zero sum gain. What is produced can only be split so many ways. Right winger wants to keep more of his own production, Left winger wants to keep more of it too. If one keeps more, the other keeps less.
Again, it's a meaningless distinction. People don't understand what economics really is. It is a social science. It is a study of how people act when faced with with scarcity.
China is longer backwards by any stretch and is still growing at 7-8 %. The basic Republican capitalist principle, work don't leech, applies at all income levels. Got it now?
There is too much to give more than a few comments. Unlike capitalist neoclassical economics, Marxian economics explains finer distinctions about value, like individual value, social value, intrinsic value, surplus value, and exchange value. It explains "socially necessary labor time" and distinguishes it from private labor and social labor. Unlike neoclassical economics, Marxian economics says that value is created in production by human labor. It takes the form of commodities with definite values. Commodities enter the market place where they acquire prices. Sometimes these prices are above their values. Sometimes below. These signals act back upon production to discipline and apportion labor. Thus the enormous, complex division of labor in a capitalist society is coordinated through the value relations between the commodities. Unlike neoclassical theory where prices arise merely from the collision of subjective motivations of individuals bartering, thus totally abstracting away from the production process, the Marxist theory of of value and price directly links them to the need for society to reproduce itself through a capitalist division of labor. Sometimes people think that by pointing to value-price divergences they have somehow undermined the theory of surplus value. This is an error because the Theory Of Surplus Value does not require prices to equal values. Surplus value and profit are not always equal because they represent different concepts as well. Surplus value can only be created in production but it can be redistributed in exchange. Sometimes Marx just talks about value, sometime he talks about prices of production, and sometimes he talks about market price. These are three different "levels of abstraction". Many mistakes have been make by people not paying attention to what level of abstraction is currently being discussed. Anything more you may want to know may be in the videos.