WAGE-Labor Day : What is a Wage

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Karl Marx's 1865 Value, Price and Profit explains that profit comes from unpaid labor time, creating an inverse relationship between wages and profit. A Revolutionary Co... +1 Core Concepts • Value: The amount of socially necessary labor time needed to make a commodity. • Wages: The cost of the worker's labor power, or what is required to keep the worker alive and working. • Profit: The surplus value left over after the capitalist pays for materials, equipment, and wages. W)Profit: The surplus value left over after the capitalist pays for materials, equipment, and wages. W Wikipedia +2 The Relationship • Inverse Proportion: When the value created by a worker is split, higher wages mean lower profit, and lower wages mean higher profit. • Prices: Prices are regulated by overall labor value, not just by arbitrary markups on wages. • Exploitation: Workers produce more value in a workday than what they receive in their paycheck, forming the basis of capitalist profit. - Marxists Internet ... +4 Would you like to explore how this relates to Karl Marx's theory of surplus value or → his debate with John Weston? Marxists Internet Archive Value, Price and Profit, Ask anything W Wikipedia +2 Ask anything 미 Q wages, price profit