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Thus, things have an "economic value" simply and only because it takes human labour-time to make them. This value exists and persists quite independently of fluctuating prices in markets. Although they are connected, the value relationships between labour-products and price relationships can vary independently of each other, within certain limits.
The most common form of wage labour currently is ordinary direct, or "full-time". This is employment in which a free worker sells their labour for an indeterminate time (from a few years to the entire career of the worker), in return for a money-wage or salary and a continuing relationship with the employer which it does not in general offer ...
Marx also introduces the labour theory of value, where labour power is a commodity within capitalism. This labour power produces value greater than what the workers exchange with the capitalist for wages. This is the source of relative pauperisation of the proletariat, and wages harm the growth of productive capital. [9]
This explains why technological breakthroughs lower the price of commodities and put less advanced producers out of business. Finally, it is not labor per se that creates value, but labor power sold by free wage workers to capitalists. Another distinction is between productive and unproductive labor. Only wage workers of productive sectors of ...
"A fair day's pay for a fair day's work" vs "Abolition of the Wages System", One Big Union, May 1919. A fair day's wage for a fair day's work is an objective of the labor movement, trade unions and other workers' groups, to increase pay, and adopt reasonable hours of work. It is a motto of the American Federation of Labor.
In regard to labor, economic rent can be created by the existence of mass education, labor laws, state social reproduction supports, democracy, guilds, and labor unions (e.g., higher pay for some workers, where collective action creates a scarcity of such workers, as opposed to an ideal condition where labor competes with other factors of ...
Postone examines the fact that abstract labor is not (concrete) labor in general but has a unique social dimension that cannot be derived from (concrete) labor as such: it mediates a new, quasi-objective form of social interdependence. Abstract labor is a historically specific mediating function; it is the content or 'substance' of value. Labor ...
Remuneration is the pay or other financial compensation provided in exchange for an employee's services performed (not to be confused with giving (away), or donating, or the act of providing to). [1] A number of complementary benefits in addition to pay are increasingly popular remuneration mechanisms.