socially necessary labour

socially necessary labour

(MARXISM) the labour time required to produce a commodity under average conditions at a certain level in the development of the means of production. For Marx, the socially necessary labour required to produce a commodity determines its VALUE, although value in this theoretical sense only indirectly determines actual exchange-values and prices. See also LABOUR THEORY OF VALUE, LABOUR POWER.
References in periodicals archive ?
What Knox fails to explain is that, although gold had properties which distinguished it from other commodities, it was able to fulfil its role in relation to money and exchange because, like other commodities, it was the product of socially necessary labour.
Generally speaking, as one decade followed another, variable capital drained out of the mining industry into the manufacturing, pastoral, agricultural and service industries, so that, for instance, whereas in 1903 Australia produced 24% of the world's gold, by 1929 this had fallen to 2% due to competition especially from South African mines where the cost of socially necessary labour was much lower than in Western Australia and Queensland.
Where possible, the author chooses to represent mostly women and people of colour in strong and active positions, such as protesting for justice and doing all socially necessary labour (from farming to breastfeeding).
commodities--products sold in the market place--exchange in proportion to the socially necessary labour time required for their production.
Competition between capitals makes sure it is only the socially necessary labour time embodied in commodities which will exchange in the market place.
Instead, if we accept that all people are equal then all socially necessary labour is also equal.
However, they were unable to develop a category of socially necessary labour and to reveal a process for its formation.
In this case the labour that manufactured the bulk of the corn that had been grown forty miles from London's population was perceived as socially necessary labour because it determined the market price of corn.
To explain value in terms of socially necessary labour time seems fine to me, as far as it goes, for it puts class relations at the centre of value.
In summary Marx's abstract labour is the substance and quality of value, its magnitude or quantity is socially necessary labour time and its form in the commodity as exchange-value might be categorised as a qualitative quantum.
He began to reframe his vision of social transformation around the minimization of the obligation to purchase the right to live by performing socially necessary labour, as well as the liberation of time for the purpose of activities that are ends in themselves - from love and artistic creation to the craft production of use-values.
Failure on the part of the capitalist to make the correct assessments in the above regard means that though labour will have been expended, means of production utilised, and goods produced, to the extent these goods do not embody socially necessary labour neither value nor surplus value will have been produced and from the perspective of capitalist society as a whole the resources devoted to that component of the labour and production process will have been wasted.

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