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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 ...
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 ...
A defining feature of capitalism is the dependency on wage-labor for a large segment of the population; specifically, the working class, that is a segment of the proletariat, which does not own means of production (type of capital) and are compelled to sell to the owners of the means of production their labour power in order to produce and thus ...
Writing in The Independent, Mr Drechsler said: “Labour have set about convincing business that they are encouraging entrepreneurs and enterprise (and, whisper it quietly: profit).”
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
The marginal revenue product of a worker is equal to the product of the marginal product of labour (the increment to output from an increment to labor used) and the marginal revenue (the increment to sales revenue from an increment to output): =. The theory states that workers will be hired up to the point when the marginal revenue product is ...
Labour voucher – Proposed alternative to money; Leninism – Political theory developed by Vladimir Lenin; Marginal product of labor – Change in output that results from employing an added unit of labor; Parasitism (social offense) – Crime of living at the expense of others
A 1977 resolution of the Bay Area Communist Union, an American Maoist group, stated that: "In socialist society, commodity exchange, as well as value and the law of value continue to a certain extent. Only communism obliterates all aspects of commodity exchange, value, money, etc. However, one commodity does disappear under socialism: labor-power."