Buy custom Defining Terms of Marx: Analysis from Capital, Vol. 1
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Business
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6 / 1611 |
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Constant capital is the form of capital invested in production infrastructure, as opposed to variable capital that is capital investing in labor costs. Constant capital is in a sense, “permanent,†it is machinery, buildings, land, etc. It is also the raw materials and non-productive costs of operation...
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It is also the raw materials and non-productive costs of operation. Once an investment in constant capital is made, it is distinctly less flexible than an investment in variable capital.
Socially necessary labor time (SNLT) is a distinct definition in Marxian economics. Most simply, the SNLT is the amount of time it takes a worker of average skill to produce a commodity...
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