Led by a fall in profits of the same amount then a wage increase would not produce a price increase at all. Nor do wades make up the whole cost of a product. There are also such factors as the wearing out of capital (depreciation costs), import prices and other non-labour costs. In fact, wages on average only account for 60 per cent of the cost of producing goods. Because of this the situation that exists today, where prices are actually going up faster than wages, cannot be produced by increases in workers' incomes but only by other factors Is the 'missing link' the cost of public expenditure, as is claimed by the failure of the capitalists to invest, and the subsequent attempts of the state ti stimulate that investment through ex pansion of the money supply. It is the capitalist investment strike, where in vestment is determined by profit and r by need, which lies at the root of the inTiationary crisis Britain among all the major capita list countries has the lowest rate of in crease in investment, the sharpest decl in the living standards of its working class, and the highest rate of inflation. These facts are connected and they directly contradict the lie that the responsibility for inflation is that of th working class
Red WeeklyRed Weekly No. 146, 15 April 1976
WHOSE RESPONSIBLE
The scan: rw-no146-apr-15-1976.pdf (PDF, Marxists Internet Archive, opens at this page)
Uncorrected machine reading. This text was read by machine (Apple Vision OCR) from a scan of a newspaper page, and the page was cut into articles by machine, at the headlines found by their type size. Nothing has been corrected: expect misread words, text from a neighbouring article, and titles that are the machine reading of the headline, some of them only fragments. Quote from the scan, not from this page.
How this article was cut and titled: headline found by type size in the OCR geometry (split_tabloid.py); 4-6 of 6; machine-segmented newspaper page; uncorrected Vision OCR.