Reply To: Is capitalism collapsing?

Its an interesting exchange but what does Jehu mean by the “value of labour power”  when he says, following Grossman, that workers have been paid less than the value of their labour power since the 1930s?  If the value of labour power equates in value terms with what  is required to produce and reproduce  the working abilities that workers sell to the capitalists for wages then almost by definition these two things must coincide in the long run, the wage being the monetary expression of price of labour power.

Granted, wages can temporarily fall below what is conventionally considered the value of labour power as in recession or rise above it as in a boom  due to fluctuations in the demand for labour power.   But surely if this was threatening to become a permanent state of affairs the notional “value of labour power” would itself adjust downwards bringing it more into line with wages once again?