If landlords don't want to hemorrhage money by not having a paying tenant on their land, they will lower their prices. The problem with land is that we can't create more of it. It is not a commodity supply can be artificially restricted to the detriment of the rest of society. If land holders constantly lost money for not having their land generate wealth, there would be no incentive to artificially reduce supply.

[–] redtea@lemmygrad.ml 2 points 1 year ago (1 children)

Land, as all else, is commodified under capitalism.

[–] Zyansheep@lemmy.ml 1 points 1 year ago (1 children)

Idk what definition of commodity you are using, but I will say that it seems that by wikipedia's definition something like food or manufactured goods are more of a commodity than land, something that can not be created.

I would agree that housing is a commodity though, so long as there is more land to build it on.

[–] redtea@lemmygrad.ml 2 points 1 year ago

I'm using the definition of commodity explained in chapters 1–3 of Marx, Capital, vol I.

Capitalism is commodity-producing society. In this political economy, the means of subsistence – things we need to survive – are produced for their exchange value and their use value. Socially necessary labour time is the only source of this value. This roughly coincides with your definition, that a commodity must be manufactured in some way.

But the Wikipedia definition is incomplete. At some point in history of capitalism, humans come to fetishise commodities. At this point, even things that are not produced as commodities, such as land (including their minerals, trees, etc) are treated as if they have value and, from then on, are commofied.

It is the same process that commodifies women, meta data, etc. These things are not produced as commodities, yet they are treated as having a use value and an exchange value. One of the ways that this occurs is through financial derivatives, such as potato futures. This allows someone to buy and exchange something that does not yet exist: hence the commodification of everything under capitalism, even things that aren't 'produced' or aren't yet produced.

This is favourably referred to in the Wikipedia article that you referred to, under 'commodification of labor'. A direct reading of Marx and an analysis of the implications of his work reveals the additional argument that I provided about the commodofication of land.

This 'commodity form' is the root of the problem that you identified to begin with, about rent/wages. I have prepared something about that, which I will post soon.