Saturday, January 10, 2015

Labor, Commodity, Wage

Labor-Value is often conceived as, along with Exchange- and Use-, a variety of Commodity-Value. But, as Marx significantly discerns, the concept presupposes that of the Value of Labor itself. Hence, it more fundamentally provides a basis for a theory of Wage-Value. Now, insofar as Labor is treated as a Commodity, Exchange-Value and Use-Value each includes, as a special case, Wage-Value. So, a cardinal thesis of Marxism is that Labor is fundamentally not a Commodity, thereby exposing a Moral dimension of Economic Theory that is otherwise usually suppressed.

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