One rainy day late.
Enya (or here)
"Economic theory, of course, cooperates in the fantasy that workers run small businesses producing the commodity labor power. And The Law in its majesty enforces wage bargains as though they were contracts between capitalists who meet as equal participants in the free market. But The Law is not an ass, and when a worker with more book learning than is good for him comes before the bar and requests that he be permitted to deduct on his income tax return the cost of 'doing business' -- which is to say, his food, clothing, shelter, and other expenses incurred in the course of producing his commodity for the market -- the Law sniggers behind its hand and denies his request."
"As I see it, all these new forms of capital, like human capital, are ways of expanding Smith's wealth of nations; they all seen as contributing to the production of more 'stuff'-more use-values, the 'immense accumulation of commodities.' But the expanding universe of capital also serves to hide the extent to which all that stuff, which is in reality socially produced, is then privately appropriated-leading to a growing gap between a tiny minority at the top and everyone else. In other words, it's a pattern of private capitalist appropriation that creates a more and more unequal distribution of income and wealth.
"The capital controversy will remain with us, then, as long as we refuse to solve the problem of capital."
"It is not the amount of income that makes you a worker, but the need for continuous application of your labor. This is the fundamental difference between labor and all forms of capital. This is the cleavage, so obvious to anyone, that has been at the source of the classical distinction between labor and capital."Milanovic, commenting on Vilfredo Pareto, writes now (February 28):
"Before him [i.e. Pareto], economics was about functional income distribution which, of course, makes sense if you assume that all workers are at subsistence, all capitalists rich, and all landlords even richer."So, what gives?