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From a Marxist perspective, a labour supply is a core requirement in a capitalist society.To avoid labour shortage and ensure a labour supply, a large portion of the population must not possess sources of self-provisioning, which would let them be independent—and they must instead, to survive, be compelled to sell their labour for a subsistence wage.
However, production not only involves labor, but also certain means of labor: tools, materials, power plants and so on. These means of labor—also known as means of production—are often the product of another labor process as well. So the labor process inevitably involves these means of production that already enter the process with a ...
The direction of the slope may change more than once for some individuals, and the labour supply curve is different for different individuals. Other variables that affect the labour supply decision, and can be readily incorporated into the model, include taxation, welfare, work environment, and income as a signal of ability or social contribution.
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 ...
The quarter of the labor force that was unemployed constituted a supply of labor for which the demand predicted by Say's law did not exist. John Maynard Keynes argued in 1936 that Say's law is simply not true, and that demand, rather than supply, is the key variable that determines the overall level of economic activity.
Without referring explicitly to Marx's work on the labour theory of value of David Ricardo, the marginal utility theorist William Stanley Jevons clearly stated the main criticism of the concept of abstract labour in his 1871 treatise: "Labour affects supply, and supply affects the degree of utility, which governs value, or the ratio of exchange.
Mirowski (1989) for example accuses Marx of vacillating between a field theory (labour-time currently socially necessary) and a substance theory of value (embodied labour-time). This kind of criticism is due to a confusion of the process of labour in general (adding use to a product, which under capitalism equates adding value to a commodity ...
Marx also noted that the foundation of what he called "modern political economy" needs, for the theory of value, only for wages to be a given magnitude. He did so in praising the Physiocrats. [15] The French Anarchist and Revolutionary Syndicalist Émile Pouget also criticised the alleged iron law stating that “It isn’t even a law of rubber ...