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Business
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8 / 2028 |
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According to this theory, the more labor or labor time that goes into an object, the more it is worth. Marx defined value as "consumed labor time", and stated that "all goods, considered economically, are only the product of labor and cost nothing except labor (Wollstein). In other words, Value is nothing but that fragment of the total labour potential existing in a given society in a certain period (e...
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In other words, Value is nothing but that fragment of the total labour potential existing in a given society in a certain period (e.g. a year or a month) which is used for the output of a given commodity, at the average social productivity of labour existing then and there, divided by the total number of these commodities produced...
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