Marx’s theory of wage determination by market illustrates the market formation system of labor value as follows: the market operation must determine the wage rate at the level of labor value to guarantee the establishment of capitalist production relations in capitalist economy. Marx first addressed the issue from the relationship of capital accumulation, which is also investment, with market wage. The interaction of investment and market wage formed the market equilibrium wage. In the profess of capital accumulation, relative population surplus must be inevitable in capitalist economy, thus became the foundation of labor market mechanism, and based on which, market equilibrium must be determined at the level of labor price (or value).
|Translated title of the contribution||Marx’s Theory of Wage Determination by Market|
|Original language||Chinese (Simplified)|
|Number of pages||6|
|Publication status||Published - 2010|
- Labor value