6/18/2023 0 Comments Equilibrium arrow on mac![]() The " labour surplus", as Marx defined it, as the standing army of unemployed that capitalism relies upon, actually makes sense. Quite clearly this is absurd, over-simplistic nonsense. It is the idea that in any economy there is only one single ideal point in the balance between the negative impact of mass unemployment and the negative impact of increased inflation (caused by "too many" people having jobs). Some people may be more familiar with Norman Lamont's 1991 description of mass unemployment as the " price worth paying".Īs is the case with a lot of neoliberal theory, the idea of "unemployment equilibrium" is unproven nonsense treated as unquestionable dogma. ![]() The term they like to use to describe their "standing army of unemployment" is the " equilibrium rate" of unemployment, which is credited to the ideological guru of Chicago school neoliberalism, Milton Friedman. ![]() ![]() The fact is, that under the current neoliberalism riddled economic system, these vast standing armies of unemployed do exist, and what is more, the ruling establishment believe them necessary in order for their pseudo-economic models to work properly ( which they clearly don't anyway). That many people would try to dismiss the idea that " capitalism needs a standing army of unemployed" as some kind of Marxist, anti-capitalist, loony-left conspiracy theory, is indicative of the level of widespread economic illiteracy these days.
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