Friday, November 02, 2012

Karl Marx on the Economist

Eric sent me this:  "Karl Marx, in Capital Volume I on the (then as now) reactionary Economist periodical: "Between 1849 and 1859, a rise of wages practically insignificant, though accompanied by falling prices of corn, took place in the English agricultural districts... Everywhere the farmers where howling, and the London Economist, with reference to these starvation wages, prattled quite seriously of 'a general and substantial advance' What did the farmers do now? Did they wait until, in consequence of this brilliant remuneration, the agricultural laborers had so increased and multiplied that their wages must fall again, as prescribed by the dogmatic economic brain? They introduced more machinery, and in a moment the laborers were redundant again in a proportion satisfactory even to the farmers.""