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A '''Wage''' is a quantity of money paid for control over a worker's [[ | A '''Wage''' is a quantity of money paid for control over a worker's [[labor-power]] over a standard [[work day]]. It obscures the distinction between necessary and surplus labour and makes all labour appear to be paid.<ref>{{Citation|author=[[Karl Marx]]|year=1867|title=Capital|title-url=https://www.marxists.org/archive/marx/works/1867-c1/index-l.htm|chapter=The Transformation of the Value (and Respective Price) of Labour-Power into Wages|chapter-url=https://www.marxists.org/archive/marx/works/1867-c1/ch19.htm|section=Money|city=[[Moscow]]|publisher=Progress Publishers}}</ref> | ||
Wages can be measured in two ways: nominal and real. Nominal wages are the amount of [[money]] that the worker receives. Real wages are expressed in terms of the cost of consumer goods and can change when [[Tax|taxes]] or prices change even if the nominal wage stays constant.<ref>{{Citation|year=1954|title=Political Economy|chapter=Wages|chapter-url=https://www.marxists.org/subject/economy/authors/pe/pe-ch08.htm|section=Nominal and Real Wages|mia=https://www.marxists.org/subject/economy/authors/pe/index.htm}}</ref> | Wages can be measured in two ways: nominal and real. Nominal wages are the amount of [[money]] that the worker receives. Real wages are expressed in terms of the cost of consumer goods and can change when [[Tax|taxes]] or prices change even if the nominal wage stays constant.<ref>{{Citation|year=1954|title=Political Economy|chapter=Wages|chapter-url=https://www.marxists.org/subject/economy/authors/pe/pe-ch08.htm|section=Nominal and Real Wages|mia=https://www.marxists.org/subject/economy/authors/pe/index.htm}}</ref> | ||
Revision as of 22:16, 16 July 2023
A Wage is a quantity of money paid for control over a worker's labor-power over a standard work day. It obscures the distinction between necessary and surplus labour and makes all labour appear to be paid.[1]
Wages can be measured in two ways: nominal and real. Nominal wages are the amount of money that the worker receives. Real wages are expressed in terms of the cost of consumer goods and can change when taxes or prices change even if the nominal wage stays constant.[2]
See also
References
- ↑ Karl Marx (1867). Capital: 'The Transformation of the Value (and Respective Price) of Labour-Power into Wages; Money'. Moscow: Progress Publishers.
- ↑ Political Economy: 'Wages; Nominal and Real Wages' (1954). [MIA]