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The value of labor, in this view, covered not just the value of wages (what Marx called the value of labor power), but the value of the entire product created by labor. [ 18 ] Ricardo's theory was a predecessor of the modern theory that equilibrium prices are determined solely by production costs associated with Neo-Ricardianism .
The term means simply that each worker in a socialist society receives compensation and benefits according to the quantity and value of the labor that they contributed. This translates into workers of great productivity receiving more wages and benefits than workers of average productivity, and substantially more than workers of lesser ...
Instead, it is labor itself (more specifically, abstract labor or general human labor) which is constitutive of value, the substance of value. Consequently, it is not labor, but labor-power (the general human capacity for labor) which has value [13] —a value determined, as in the case of every other commodity, by the labour time necessary for ...
The value-creating ability of labour is most clearly visible when all labour is stopped, for example during a strike or a disaster. If all labour is withdrawn, the value of the capital assets worked with will normally deteriorate, and in the end, if all labour is permanently withdrawn, nothing remains but a ghost town.
The labour of the latter, however, has its value, and deserves its reward as well — Adam Smith, The Wealth of Nations , Book 2, Chapter 3 (Andrew Skinner edition 1974, p. 429-430)
The marginal revenue productivity theory of wages is a model of wage levels in which they set to match to the marginal revenue product of labor, (the value of the marginal product of labor), which is the increment to revenues caused by the increment to output produced by the last laborer employed.
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]
a value, represented by the socially necessary labour time to produce it (Note: the first link is to a non-Marxian definition of value); a use value (or utility ); an exchange value, which is the proportion at which a commodity can be exchanged for other entities;