- Two key concepts in this video are the means of production and labor. In your comment, explain how you understand the means of production and labor. Give an example of each.
When discussing the means of production and labor, the means of production have more to do with what it takes to produce labor. You need means of production to produce labor. The way the video explains it and is able to provide examples is by discussing the means of labor it takes for him to make the very content we’re watching. The camera he uses to film with, the lighting, the editing software, and even the Youtube platform itself is all supplies/tools necessary to make his content. The labor itself is the time and physical work needed to utilize the means of production to make the product, i.e, the YouTube video.
- Another important concept in understanding social class is value. Based on the ideas presented in Video 5.1, what is value? What give “value” to value, what makes something valuable?
Themes of value often involve rarity, amount of effort/labor, and availability. A direct quote from the video is “a products value is measured by how much labor it takes to produce under normal circumstances”. It refers to the labor theory of value. Taking two hours to create a product that would normally only take one hour doesn’t decrease its value, its value simply stays the same. Time is money and
- How are labor and value related? What’s the relationship/connection between the two?
Labor and value have a cohesive relationship. Marx believes labor is the only thing that increases the value of what you buy. Referring an example that’s in the video, buying a block of wood and doing nothing with it doesn’t increase its value, it stays the same. Although you can sell the wood for a higher price when there is a demand for for it, only the price is affected and not the actual value. But, if you take the same piece of wood, labor to carve it into a chair, its value will increase. The time and effort used to turn a block of wood into a functional chair is what is of value. Labor is needed to measure the value of a product.
- How do you understand the difference between labor and labor power? Hint:this is a key difference, give it your best shot based on what the video says about it, and your own ideas. We’ll clarify and develop it in our discussions, and in my video comments.
Labor is the actual time and work being done, whereas labor power is ones ability to labor. Labor is needed for production, but an individuals capabilities for efficient production is what gives them labor power. Although labor has value, a persons labor power is more valuable since its value can increase.
- Surplus Value: what is it? Why is it important to know about, in our study of social classes? Think about an example of surplus value?
Surplus value is the value on top of what it takes to get you there. The laborer is not the one who gains surplus value but it goes to the bosses or the company they work for. I think it’s important for us to know about surplus value because if following Marx’s theories, it is gained through the exploitation of working class people. It represents how laborers are always being paid less than what their labor is actually worth.