Product of Labor

Product of Labor

 

a use-value; a natural substance adapted for human use by the labor of a worker, by means of the instruments of production. The product of labor represents the material result of a person’s labor.

Processed during production, the objects of labor change in form and become products of labor, which fall into two categories: the means of production and consumer goods. The means of production (machinery, raw materials, and other materials) are used in production. Consumer goods, including food, clothing, and footwear, are for individual or personal use.

A product of labor may be used in various ways. For example, grain may serve as a raw material at a mill or distillery, as fodder on a livestock farm, or as seed. A ready-to-use product of labor may become a raw material for the manufacture of another product. For example, grapes are used in wine-making. Whether a specific use-value serves as a raw material, a means of labor, or a product of labor depends entirely on its particular function and place in the labor process.

In the context of commodity production, a product of labor is made to be sold—that is, it becomes a commodity, with an exchange value, as well as a use-value. Under capitalism the owners of the products of labor are not the workers, who create the products, but the capitalists, who own the means of production. In socialist society, where social ownership of the means of production prevails, the products of labor belong to the working people.

References in periodicals archive ?
Either unemployment must grow to reduce the notional wage, or the marginal product of labor must rise, as it might with falling employment.
The diminishing marginal product of labor, represented by the downward-sloping curve in figure 2, is sometimes called labor demand.
Thus, adding capital raises the marginal product of labor and hence the return on labor, which is wage.
It goes beyond detailing the well-known events of the Six Day War to probe the birth of the settler movement in Israel, the product of Labor Party socialism and religious extremism.
Economics 101 teaches us that wages in a competitive market should equal the marginal product of labor.
For this sector, the model assumes a linear production function in labor such that the marginal product of labor is equal to the technology shock.
In the final decade of his life, Grandville gave considerable attention to what Marx would soon call "the enigmatical character of the product of labor.
If labor is mobile and markets are competitive, higher employment in a sector experiencing productivity growth will lower the marginal product of labor and increase output, leaving nominal returns to labor unchanged and prices lower.
Both sectors may exhibit either a decreasing or a constant marginal product of labor.
Neoclassical models assume that, at least to a first approximation, 1) product and labor markets are perfectly competitive, 2) if a firm increased the input of all its factors of production by a given percentage, then its output would rise by the same percentage, that is, output is produced using a constant returns to scale technology, and 3) in the short run, due to some factors of production being in fixed supply, the increase in output that results from hiring an additional worker, that is, the marginal product of labor, declines in the amount of labor hired.
the price of output times the marginal product of labor, and r is the rental rate of land.
In his view, a house and the lot on which it stands are of an entirely different metaphysical order, since the one is the product of labor and the other a "gift of nature.

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