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The higher unemployment is—all other things remaining equal—the greater the competition among workers for the jobs being offered.
The less competition for the existing pool of workers there is among the bosses, therefore, the lower wages are.
True, the rate of profit has risen sharply since 2009, and the mass of profits is at record levels. Therefore, is the economic crisis that began in 2007 really over?
The passage of a cyclical crisis described Rosa Luxemburg in “What Is Economics?
I will begin with how it is being reported in the media.
However, if the mass of unemployment is so high that the rate of surplus value has pretty much reached the maximum rate possible, given the prevailing level of labor productivity, any further increase in the number of unemployed only adds to the cost of maintaining them without any benefits to the capitalists in the form of additional surplus value.From the viewpoint of an employer as a purchaser of the commodity labor power, it is best if as many people as possible apply for every job offered.If only one or two people apply, the boss doesn’t have much choice.Could this crisis, too, be the herald of a far more fundamental crisis of capitalist society?In order to begin our exploration of the possibility that this may turn out to be the case, let’s examine the nature of the current recovery and how it compares to a “typical” cyclical recovery.