Supply and demand / Prices and wages: A Marxist introduction

Supply and demand / Prices and wages: A Marxist introduction

Editor’s Note: Everyone could use a little refresher in the basics of Marxist economics from time to time. In this mini-lesson, People’s World contributor Laurent Ross looks at the basics of supply and demand in a capitalist economy and how prices (and wages) are set. In order to understand and critique the capitalist economy, it’s vital to understand how supply and demand work to set prices. As Robert Heilbroner points out in his brilliant hist…