soula avramidis wrote: > ... moreover since prices are in the purview of > capital workers can only raise their nominal thru > union activity.
Kalecki's equation is often interpreted as saying that all unions can do is raise money wages. Since the boss simply adds a mark-up to unit labor costs, raising money wages does not raise real wages. Alternatively, for a constant degree of monopoly (and mark-up) and with constant unit costs of raw materials, the equation says that real wages will rise with average labor productivity. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante.
