this post was submitted on 04 Feb 2025
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The labor market is indeed regulated by that supply and demand. That is a foregone conclusion. However, that doesn't guarantee necessarily higher wages and thus higher quality of life, proportionately speaking.
That itself is a struggle over whether "general profit", after accounting for wages, is reinvested for the social needs, such as housing, food and water, education.
Assuming that "general profit" (savings) + wages (needed for laborers' means of subsistence) = value created.
And assuming wages are sufficient enough for higher quality of life.
But put into the equation the landlords, the shareholders, industrialists that dominate our world by virtue of owning the property that shapes it, who want to depress wages, if it means more "general profit", and direct their savings towards more capital accumulation