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The first twist is in the theory of disribution. [...] In fact, the well-known neoclassical doctrine that "without interference" markets will function perfectly (or "clear") is also known as "demand theory". The second twist is in the theory of value: while the classicals took capitalist value, the…

[...] The whole point of paying workers well is to keep the system going--in fact, there is a theory in orthodox economics that says this is exactly what "fair" wages do. So as a social justice strategy, wage demands are key. As a social transformation strategy, they are insufficient.

Yet it mus…

[...] If higher wages were all that is necessary, Marx would have been no more than a wordy and over-philosophical union activist. The problems, however, are much bigger: the wage relation and capitalist social relations themselves. The point is not to redistribute capitalist value, but to overcome…

[...] the "extra" or surplus value created in the producton process comes not from capital's contribution, but from the labour power workers contribute to the whole relationship. In other words, the appropriation of labour's surplus value--you can pay them less than what they produce in words--is t…

[...] Labour is the specific or "real" act of working. Labour-power is the abstract "capacity to work": skills, knowledge, energy, etc. specific to each of those without access to means of productions except through capitalists. Wage workers do not sell "living labour," they sell the commodity labo…