The theory of surplus value contrasts ‘pay for labour power’ and ‘pay for labour services’. Unlike labour services but like all commodities, labour power has a specific economic value and it exchanges at this value. Unlike that of other commodities, the consumption of labour power results in the creation of more value than the commodity itself contains. Surplus value arises from the gap between the labour needed to sustain a day’s work, to keep the worker going for a day, and the labour performe…
Read moreThe theory of surplus value contrasts ‘pay for labour power’ and ‘pay for labour services’. Unlike labour services but like all commodities, labour power has a specific economic value and it exchanges at this value. Unlike that of other commodities, the consumption of labour power results in the creation of more value than the commodity itself contains. Surplus value arises from the gap between the labour needed to sustain a day’s work, to keep the worker going for a day, and the labour performed in that same time. By the labour theory of value, the amount of labour needed to sustain a day’s work confers one value on the means of subsistence the worker requires, and thereby on the labour power the worker sells to her employer, whereas the day’s work itself confers another larger value on the product marketed by the employer.
