Search results
Results from the WOW.Com Content Network
For Marx, the value of a commodity is determined by socially necessary labor time, or the amount of time "required to produce an article under the normal conditions of production, and with the average degree of skill and intensity". [12]
The iron law of wages is a proposed law of economics that asserts that real wages always tend, in the long run, toward the minimum wage necessary to sustain the life of the worker. The theory was first named by Ferdinand Lassalle in the mid-nineteenth century.
the quantity of labour time socially necessary to produce the appropriate amount of the product, i.e. the amount of a product which at the production price meets the effective demand for it—this quantity defines the correspondence between the total quantity of the commodity produced as use-values and the effective demand for those use-values.
Adam Smith held that, in a primitive society, the amount of labor put into producing a good determined its exchange value, with exchange value meaning, in this case, the amount of labor a good can purchase. However, according to Smith, in a more advanced society the market price is no longer proportional to labor cost since the value of the ...
The federal minimum wage should be increased in order to provide protection from inflation to young people. According to Pew Research, people aged 16–24 represent over 50 percent of minimum wage ...
Marx concludes that as value is determined by labour, and as profit is the appropriated surplus value remaining after paying wages, that the maximum profit is set by the minimum wage necessary to sustain labour, but is in turn adjusted by the overall productive powers of labour using given tools and machines, the length of the workday, the ...
The other states with minimum wage increases put into effect by their own residents were New York, which now has a $15.50 hourly rate — $16.50 for those working in New York City, Long Island ...
The fair rate is the amount that allows an average worker to be paid the minimum wage per hour if they work at an average rate. This must be calculated in a set way, a control trial is run to determine the average items produced by equivalent workers, this is divided by 1.2 to reach the agreed average figure, and the fair rate is set to ensure ...