- Understanding the Means of Production and Labor
When I think of the means of production, I consider them as tools, resources, and commodities for creating something, whether it is tangible or intangible. In other words, the instruments in the handicraft sense that would be used, for instance, in making a video, the camera, the microphone, and the editing software used during the video preparation, are the means of production. On the other hand, labor or work is an effort that I would invest to make the output of these tools. Hence, I apply effort when shooting, enhancing, or uploading the video. Without my work, the tools or means of production are just lying idle-they require me or any other worker to apply effort and add value through labor.
2. What is Value?
As defined by Marxist theory, value is created through labor. According to (Philosophy Tube, 2016), value is considered when labor is added to an object, and the product’s value is enhanced. A piece of wood is simply a wooden log until a laborer processes it into a chair; it becomes precious. According to this theory, the value of an article is measured by the sum of the labor time spent on creating it under average circumstances, or the more time-consuming and skilled the labor used to produce the particular product, the more valuable the product. This is the basis of Marx’s Labor Theory of Value.
3. How are Labor and Value Related?
Labor positively correlates with values, most of which are earned through labor. As the video depicts, when labor is not being input into raw material, it will be as it is. However, where physical effort is directed towards a change in substance (for example, transforming a log into a chair), it obtains some value due to the time and energy applied. Hence, from this perspective,value may be described as the effort used in producing a given good.
4. Difference Between Labor and Labor Power
From my point of view, the relation between labor and labor power is that labor implies the work done or an action made to create an object or offer a service. Labor power is defined as my ability or capability to work; it is what I bring forth to an employer whenever we bargain on my employment. The labor power I actively offer for sale in employment relationships differs from the labor I do upon being hired. The difference here is that labor power is the capacity to work, whereas labor is the action of working.
5. Surplus Value
Surplus value refers to the extra value or profits that I create through labor but which undergoes appropriation by the capitalist (Jalee, n.d.). For instance, if I was paid for 8 hours of work, what I made in value is more than what I paid for in the 8 hours, then the extra value belongs to the capitalist. This is the core of Marx’s view of capitalist society because it shows that workers are cheated – as they add value more than they are paid, the balance constitutes the capitalist.
