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if you actually look at the inputs and outputs of entire industrial sectors, rather than individual firms, you generally find a very high correlation between the price of labor as input and the price out the output of that sector. like >96% for the uk as found by cockshott and cottrell in their 1995 paper


Don’t really feel like writing a treatise right now so I’ll just use the same link I put in the other comment https://reddit.com/r/badeconomics/s/7KeMalYvVC


Now do the oil industry.


the oil industry is in that same paper. it's the outlier in that its output is a bit higher than predicted, because of economic rent


My point is that the price of oil has nothing to do with the price of labor and frequently fluctuates in massive ways unconnected to the labor market.


price has nothing to do with the labor theory of value


The post I was replying to talks about price.




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