Friday, November 16, 2007
Determing the value of labor power
Although the value of labour-power is easily determined for commodity goods by looking at the labour-time necessary for the production, and consequently also the reproduction, of this specific article, there are several supports that have to be present in order for labour-power to properly exist. First, "Labour-power" exists only as a capacity of the living individual" (268). Second, "given the existence of the individual, the production of labour-power consists in his reproduction of himself or his maintanance" (268). In order to maintain himself, the laborer must have some means of subsistance. All of these conditions create a full circle effect that explains why the labour-time necessary for the production of labour-power is the same as that necessary for the production of thoses means of subsistence; in other words, the value of labour-power is the value of the means of subsistence necessary for the maintenance of the owner.
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