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Sunday, September 21, 2014

'Capitalism & the Low-Paid'

Chris Dillow:

Capitalism & the low-paid: Is capitalism compatible with decent living standards for the worst off*? This old Marxian question is outside the Overton window, but it's the one raised by Ed Miliband's promise to raise the minimum wage to £8 by 2020. ...
* Note for rightists: As Adam Smith said, the notion of what's decent rises as incomes rise. And the fact that capitalism has massively improved workers' living standards in the past does not guarantee it will do so in future. As Marx said, a mode of production which increases productive powers can eventually restrain them. And as Bertrand Russell pointed out, inductive reasoning can go badly wrong. ...

    Posted by on Sunday, September 21, 2014 at 10:16 AM in Economics, Income Distribution | Permalink  Comments (27)


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