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But these unskillful workers cannot hope to sell the result of their labor process at a higher price (as opposed to value) simply because they have spent more time than other workers producing the same kind of commodities. However, production not only involves labor, but also certain means of labor: tools, materials, power plants and so on.
"Labor [power] is a commodity, like any other, and its price is therefore determined by exactly the same laws that apply to other commodities. In a regime of big industry or of free competition—as we shall see, the two come to the same thing—the price of a commodity is, on the average, always equal to its cost of production.
Prices can only be determined by taking these subjective judgments into account, and that this is done through the price mechanism in the market. Thus, it was false to say that the economic value of a good was equal to what it cost to produce or to its current replacement cost. Silvio Gesell denied value theory in economics. He thought that ...
The need satisfaction increases when the quality-price-ratio of the commodities improves and more satisfaction is achieved at less cost. Improving the quality-price-ratio of commodities is to a producer an essential way to improve the competitiveness of products but this kind of gains distributed to customers cannot be measured with production ...
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 services ("use-values") when organized and regulated (often by the "management ...
A Review of Economics and Economic Methodology argues against pay to their marginal product to pay equal to the amount of their labor input. [14] This is known as the Labor theory of value. Marx characterizes the value of labor as a relationship between the person and things and how the perceived exchange of products is viewed socially. [15]
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Wage labor, usually referred to as paid work, paid employment, or paid labor, refers to the socioeconomic relationship between a worker and an employer in which the worker sells their labor power under a formal or informal employment contract. [104] These transactions usually occur in a labor market where wages or salaries are market-determined ...