RedMaterialist
13th February 2016, 23:08
Senator Donnelly of Indiana was questioning Janet Yellen yesterday about the shutdown of the United Technologies plant throwing 1500 or so workers out of a job. The company is moving the plant to Mexico.
During the question the senator said that the workers had put their lives into the plant and had made over 6 billion in earnings for the company last year. I doubt the senator was aware that he was explicitly stating the labor theory of value, but Yellen didn't correct him and say that the workers only produced their own wages and not the profit of the company.
One small victory for the labor theory of value.
During the question the senator said that the workers had put their lives into the plant and had made over 6 billion in earnings for the company last year. I doubt the senator was aware that he was explicitly stating the labor theory of value, but Yellen didn't correct him and say that the workers only produced their own wages and not the profit of the company.
One small victory for the labor theory of value.