Ask Prof Wolff LIVE: The Manipulation of Labor Markets

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An audience member of Ask Prof Wolff LIVE asks: "Can you discuss the concept of labor markets and how they influence collective bargaining power?"

Prof Wolff answered this question during a live Ask Prof Wolff event.

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“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”

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[Dan-DJCc]

Employers who advertise their wages as "competitive" are signalling to the market they will pay the least they can to find workers in that local labor market. This is consistent with the imperative for employers to minimize the cost of all their inputs and maximize their profit as a going concern. Don't be fooled into thinking a "competitive" wage is a good wage, or is even a liveable wage. It is a market wage where employers control the information and the demand.

[JohnSmith-vmrx]

Great question and great response P. Wolff!

[MrDXRamirez]

All the more reason women’s work in the home should be paid work because women as mothers fulfill the supply side of the labor market with new and fresh workers who become fresh and new labor to fulfill the side of the demand of capital for labor-power. Women’s work is productive labor producing a productive worker for which in America a women is not remunerated for that labor. When this relation of exploitation takes full control of the family the whole social order decays into ruin.

[troywalkertheprogressivean]

That's the problem with the "invisible hand", it's not invisible.

[wpyx]

This paper is halfway written. If this were High School I would give you a C, if College a D.

This because you only mentioned two players in the game. There is a third player, the government. So to get a better grade, why don't you do another paper where you include the government's role in regulating and subsidizing labor markets. Including the government's role in Immigration and tariffs, unemployment insurance, the public private partnership.