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Value of labor power

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Revision as of 19:40, 4 October 2023 by Deogeo (talk | contribs) (Deogeo moved page Necessary-value to Value of labor power: Per chapter 17 of Capital vol 1: "Surplus-value and the value of labour-power vary in opposite directions. A variation in the productiveness of labour, its increase or diminution, causes a variation in the opposite direction in the value of labour-power, and in the same direction in surplus-value. The value created by a working day of 12 hours is a constant quantity, say, six shillings. This constant quantity is the sum of th...)

Necessary labor is the twin of surplus labor

Socially necessary labor-time

"Socially necessary labour-time is the labour-time [literally the number of minutes, hours, and so on] required to produce any use-value under the conditions of production normal for a given society and with the average degree of skill and intensity of labour prevalent in that society. "

— Karl Marx, Capital Vol. 1

Production that has high intensity of labor requires more hours of human effort and fewer tools and automation. As better tools and automation become readily available, intensity of labor drops.

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