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ECONOMICS OF LABOUR
 
Quote · 1070 days ago · 0 people like this ·
 

Explain something about wages?

Quote · 1070 days ago · 0 people like this ·
 

According to the different branches of industry in which they are employed, they would mention different sums of money that they receive from their respective employers for the completion of a certain task; for example, for weaving a yard of linen, or for setting a page of type. Despite the variety of their statements, they would all agree upon one point: that wages are the amount of money which the capitalist pays for a certain period of work or for a certain amount of work.

Quote · 1070 days ago · 0 people like this ·
 

Consequently, it appears that the capitalist buys their labor with money, and that for money they sell him their labor. But this is merely an illusion. What they actually sell to the capitalist for money is their labor-power. This labor-power the capitalist buys for a day, a week, a month, etc. And after he has bought it, he uses it up by letting the worker labor during the stipulated time. With the same amount of money with which the capitalist has bought their labor-power (for example, with two shillings) he could have bought a certain amount of sugar or of any other commodity. The two shillings with which he bought 20 pounds of sugar is the price of the 20 pounds of sugar. The two shillings with which he bought 12 hours' use of labor-power, is the price of 12 hours' labor. Labor-power, then, is a commodity, no more, no less so than is the sugar. The first is measured by the clock, the other by the scales.

Quote · 1070 days ago · 0 people like this ·
 

The exchange value of a commodity estimated in money is called its price. Wages therefore are only a special name for the price of labor-power, and are usually called the price of labor; it is the special name for the price of this peculiar commodity. which has no other repository than human flesh and blood.

Quote · 1070 days ago · 0 people like this ·
 

Wages are not a share of the worker in the commodities produced by himself. Wages are that part of already existing commodities with which the capitalist buys a certain amount of productive labor-power.

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Labor-power was not always a commodity (merchandise). Labor was not always wage-labor, i.e., free labor. The slave did not sell his labor-power to the slave-owner, any more than the ox sells his labor to the farmer. The slave, together with his labor-power, was sold to his owner once for all. He is a commodity that can pass from the hand of one owner to that of another. He himself is a commodity, but his labor-power is not his commodity.