SOCI 300 Lecture Notes - Lecture 5: Labour Power, Surplus Labour

• School: Concordia University
• Department: Sociology
• Course: SOCI 300
• Professor: Valerie De Courville Nicol

Document Summary

Labor power: the accumulation of the mental and physical capabilities existing in a human, which are exercised whenever they engage in producing an object of value. The exchange value of any product made is determined by social labor, which is the amount of work (time) put into making the commodity. Labor power is a commodity and its value is determined in three ways: by the labor power necessary for the production and reproduction of the object. Labor power exists only as a capacity of the living individual: by the value of the means of subsistence necessary for the maintenance of the laborer. If it only costs 3$ to feed a family of 4, the worker will only be paid 3$. Labor power is only useful if the laborer is alive. In order to exchange labor power for money, 3 conditions must be fulfilled: is determined by the skills required to perform certain jobs.