I feel a bit of a swine sometimes, usually when I’m talking to my mate Chris. Although he knows more than most about Marx’s economics, he recently told me he was pleased about Mamdani’s election as New York mayor because the poor would benefit from free public transport and rent controls. Here’s the swine-ish bit – I reminded him that the law of value applies to every commodity, including labour power, that those two proposals from Mamdani would, if applied, allow employers to reduce wage levels, and perhaps result in a slight shift of wealth from landlords to employers.
‘So it’s nowt to do with socialism then?’
‘That’s right, Chris, sorry!’
For more on this topic see here.