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The regulation school: A one-way ticket from Marx to social liberalism?

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Chapter Summary

Various of Marx's concepts were confronted with national accounting macro-economic data and Aglietta proposed some pseudo-concepts such as 'real social wage cost', which is nothing other than the share of wages in value added. Empirical analysis led him to venture that the best statistical indicator 'for representing the evolution of the rate of surplus-value is the evolution of real wage costs'. The analysis of the wage relation and the consumption norm can readily be assimilated by a living Marxism, on condition that we abandon the implicit hypothesis of a constant real wage - something that does not problematise the general analytical framework.

Keywords: Marx; wage relation



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