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Consequently, labour power may be hired not "because it creates more value than it costs to buy", but simply because it conserves the value of a capital asset which, if this labour did not occur, would decline in value by an even greater amount than the labour cost involved in maintaining its value; or because it is a necessary expense which ...
The same amount of labor which he has given to society in one form, he receives back in another. In the paragraph immediately following, Marx continues to explain how this system of exchange is related to the capitalist system of exchange:
Many of the quantities of interest, such as income and consumption, are monetary. Keynes often expresses such quantities in wage units (Chapter 4): to be precise, a value in wage units is equal to its price in money terms divided by W, the wage (in money units) per man-hour of labour. Therefore it is a unit expressed in hours of labour.
The Labour leader said his party first has to turn from a ‘party of protest’ into one that can win elections. Starmer: Labour will ‘hand power to working people’ once in government Skip to ...
British Prime Minister Keir Starmer said he would lead a “government of service” on a mission of national renewal in his first official remarks Friday after his Labour Party swept to power in ...
Labor done is often referred to nowadays as "effort" or "labor services". Labor-power might be seen as a stock which can produce a flow of labor. Labor, not labor power, is the key factor of production for Marx and the basis for earlier economists' labor theory of value. The hiring of labor power only results in the production of goods or ...
Power resource theory is a political theory proposing that variations among welfare states is largely attributable to differing distributions of power between economic classes. It argues that " working class power achieved through organisation by labor unions or left parties , produces more egalitarian distributional outcomes ".
For some, abstract labour is an economic category which applies only to the capitalist mode of production, [20] i.e. it applies only, when human labour power or work-capacity is universally treated as a commodity with a certain monetary cost or earnings potential. [21] Thus Professor John Weeks claims that