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  2. Surplus labour - Wikipedia

    en.wikipedia.org/wiki/Surplus_labour

    He proves that this theorem is logically false. However, Marx himself never argued that surplus labour was a sufficient condition for profits, only an ultimate necessary condition (Morishima aimed to prove that, starting from the existence of profit expressed in price terms, we can deduce the existence of surplus value as a logical consequence).

  3. Means of production - Wikipedia

    en.wikipedia.org/wiki/Means_of_production

    In political philosophy, the means of production refers to the generally necessary assets and resources that enable a society to engage in production. [1] While the exact resources encompassed in the term may vary, it is widely agreed to include the classical factors of production (land, labour, and capital) as well as the general infrastructure and capital goods necessary to reproduce stable ...

  4. Socially necessary labour time - Wikipedia

    en.wikipedia.org/wiki/Socially_necessary_labour_time

    Socially necessary labour time in Marx's critique of political economy is what regulates the exchange value of commodities in trade. In short, socially necessary labour time refers to the average quantity of labour time that must be performed under currently prevailing conditions to produce a commodity.

  5. Labor theory of value - Wikipedia

    en.wikipedia.org/wiki/Labor_theory_of_value

    That is, the concept abstracts from the particular characteristics of all of the labor and is akin to average labor. "Socially necessary" labor refers to the quantity required to produce a commodity "in a given state of society, under certain social average conditions or production, with a given social average intensity, and average skill of ...

  6. Surplus value - Wikipedia

    en.wikipedia.org/wiki/Surplus_value

    For example, when new technology or new business practices increase the productivity of labor a capitalist already employs, or when the commodities necessary for workers' subsistence fall in value, the amount of socially necessary labor-time is decreased, the value of labor-power is reduced, and a relative surplus value is realized as profit ...

  7. Value (economics) - Wikipedia

    en.wikipedia.org/wiki/Value_(economics)

    In classical economics, the value of an object or condition is the amount of discomfort/labor saved through the consumption or use of an object or condition (Labor Theory of Value). Though exchange value is recognized, economic value is not, in theory, dependent on the existence of a market and price and value are not seen as equal. This is ...

  8. Labour power - Wikipedia

    en.wikipedia.org/wiki/Labour_power

    Hence, the price of labor is also equal to the cost of production of labor. But, the costs of production of labor consist of precisely the quantity of means of subsistence necessary to enable the worker to continue working, and to prevent the working class from dying out. The worker will therefore get no more for his labor than is necessary for ...

  9. Means of labor - Wikipedia

    en.wikipedia.org/wiki/Means_of_labor

    The means of labor and the subject of labor comprise the means of production of society. [full citation needed] [page needed] In some formulations, the means of labor and human labor (including the activity itself as well as the laborer's skills and knowledge used in production) comprise the productive forces of society (e.g., Sheptulin, 1978).