The first is when we have monopoly capitalism (what we would now call a monopsony, a word unknown in his time, a single purchaser of labour) and the second is when there is a reserve army of the unemployed.

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"This is an impressive combination of extremely tight labour markets and extremely well-behaved labour costs, and that is the reason why the Fed (Federal Reserve) will continue moving at a very cautious pace, " said Anthony Karydakis of Bank One Capital Markets.

BBC: US productivity grows 5%

Once the reserve army is exhausted and as long as we maintain that competition among capitalists for access to the labour, the profits that can be made from labour, then inexorably and without doubt labour incomes will rise in line with productivity again.

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