labour power

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labour power

  1. a general term for those employed within an organization.
  2. (MARXISM) the capacity to work which is bought and employed by capitalists and from which the capitalist extracts SURPLUS VALUE (see also LABOUR THEORY OF VALUE). The distinction made by MARX between labour’ and ‘labour power’ is an important one in Marx's economics and his theory of CAPITALISM AND CAPITALIST MODE OF PRODUCTION (see ALTHUSSER and Balibar, 1968; Hodgson, 1982). Unlike labour, labour power can be traded in a market and is an object of possession. Under capitalism, the hiring of labour power, involves an agreement by the worker to submit to the employer's authority for a set period of time. The employer then has freedom to use this labour power, and the surplus product created, as he wishes. It is this labour power which is the source of surplus value.
References in periodicals archive ?
The store clerk, in this regard, has sold his labor-power to the capitalist.
The slave cannot sell his labor as a commodity he and his labor-power are sold once and for all as a commodity.
the disproportion between capital and exploitable labor-power.
Apart from extorting money from the students through expensive tuition and other school fees (OSFs), it still wants to expropriate their labor-power," protested CEGP national president Marc Lino Abila.
7) The solution to this dilemma--a tautological argument, in the first instance, and an economic contradiction, in the second--is provided by the concept of labor-power.
Examples of entries include: Young Hegelians, individual, consciousness, nature, essence, labor-power, value, First International, Greek mythology, and more.
Most significantly, Marx distinguished between labor-power, which is the productive capacity owned by the worker and purchased by the capitalist, and labor itself, which is the worker's productive activity and the source of a commodity's exchange-value.
The consumption of this labor-power, Marx says, takes place in the "hidden abode of production.
This is especially so for those who reject the bureaucratic and authoritarian vision of Stalinism and subscribe instead to Marx's view of socialism as the decommodification of human labor-power, that is, the transcendence of the labor market through economic democracy and guaranteed social access to the means of life.
3) The commodification of labor-power surely had enormous implications for the "level of physical well-being" of the laborers, but Hanley does not specifically examine them.
But he will get an argument over his cavalier dismissal of the significance - psychological, social, ideological, and material - of the ramifications of the direct ownership of human labor, in contradistinction to control of the labor-power of free workers.
labor-power kits real cost of production) and simultaneously to undermine

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