"To the student of economic history the preponderant truth is that technical change has since 1750 tended to raise market clearing real wage rates. This property of the Age After Newton is hard to understand and explicate if you believe that sterile congealed-dead-labor is embodied in machines almost infinitely substitutable for live labor; equally confusing to you will be the truth that inventions which are labor saving may at the same time be wage raising! The doctrines of equated rates of surplus value moved Marxians backward from square one in the understanding of the laws of motion of the capitalistic system or the system of the Mixed Economy."
Paul Samuelson

January 1, 1970