Competition will drive the labor price down, because supply may beyond demand.
Labor value is a political idea. It's all the effort and energy contained within the product or service.
According to our textbook, the labor value is fixed, however the labor price is volatile.
In summary, competition makes the labor price lower, which enable business owner makes more money.
This is what we g ...
Competition will drive the labor price down, because supply may beyond demand.
Labor value is a political idea. It's all the effort and energy contained within the product or service.
According to our textbook, the labor value is fixed, however the labor price is volatile.
In summary, competition makes the labor price lower, which enable business owner makes more money.
This is what we got in classroom, which is quite different from western textbook.