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Capital , Chapter 6:

Capital , Chapter 6:. The Sale & Purchase of Labor Power. Labor Power. What is sold & bought in the labor market? Labor? or Labor Power? Labor = working, measure of value LP = ability & willingness to work Ability = skills, strength, endurance Willingness = attitude, cooperation.

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Capital , Chapter 6:

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  1. Capital, Chapter 6: The Sale & Purchase of Labor Power

  2. Labor Power • What is sold & bought in the labor market? • Labor? or Labor Power? • Labor = working, measure of value • LP = ability & willingness to work • Ability = skills, strength, endurance • Willingness = attitude, cooperation

  3. Labor Market - 1 • In neoclassical economic theory, the labor market is analysed in terms of supply & demand: S Wage D 0 Quantify of Labor

  4. This analsysis is aimed at determining the PRICE of L Behind D is cost structure of firm (MC, AC, AVC, AFC) Behind S are preferences of workers in trade off between work and income Labor Market - 2 W S D L

  5. Labor Market - 3 • Marx’s analysis is like that of other commodities • LP = commodity, has value & use value • His question: what determines VALUE of LP? • His answer: same as other commodities, the SNLT required to produce it. • Or: that part of available labor which capital must dedicate, in any period, to produce and reproduce the ability and willingness to work

  6. Value of Labor Power - 1 LP - M - C(MS)...P(2)...LP*. LP - M - C(MS) M - LP M - LP ...P(1)... C’ - M’. . . . P . . . M - MP M - MP Which “labor” must be included in “labor cost of reproducing labor power? Ans: only P(1)

  7. Value of Labor Power - 2 • ...P(1)... = value of producing MS required • ...P(2)... = housework = schoolwork = subsistence farming = recreation as re-creation of LP = truant officers, police, judicial, etc.

  8. Use-Value of Labor Power • Use value of LP (concrete) = usefulness of useful labor = what workers do on the job • Use value of LP (in value terms) = ability to preserve value of MP = ability to create new value, surplus value • Use value of LP (socially) = vehicle of social organization & control

  9. From Realm of Freedom.... • Freedom of market • Freedom from land, tools • Freedom of contract • Freedom of private property • Freedom of individualism

  10. ...To that of coercion • Coercion of factory • Coercion of capitalist owner/controler • Coercion of being told what to do and how to do it • Coercion of subordination of life to work • Coercion of bloody legislation

  11. --THE END--(not)

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