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.
- Means of production, to my understanding, are the tools, whether owned or not, that are used for the production of goods or services. The camera equipment, editing software that the creator owns, as well as the website used to upload his video are a good example of the tools used for his means of production. Labor, in my understanding, is the amount of work and kind of work that goes into creating a product whose value is measured by the amount of work that goes into creating that product. A good example of this is the amount of labor that’s created when turning wood into furniture; woodworkers cut down the trees, which are then driven to a factory, and in turn factory workers work the machines that help shape and cut it into furniture.
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? - Based on the ideas presented in video 5.1, value gains its “value” through what is called labor power. This is defined by the ability to work, and the effort created to get a person to work. The food, rest, and items in your life that fuel your labor power to work a 9-5 for the means of production of your company or boss is what gives value its “value”. Companies can put a price on their goods based on your work, and what it takes to get you to commit to that work. An example would be a barista who makes coffee drinks; the value would be how the drink tastes and its quality.
How are labor and value related? What’s the relationship/connection between the two? - Labor and value go hand in hand as labor creates value. The value of a good or service is heavily dependent on the labor it takes to create it. A person who puts in the labor to create custom-crocheted scarfs can place a value on the item higher than that of one that comes from a factory, as their labor is considered more strenuous since they do not have the machinery to assist them.
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. - The difference between Labor and Labor power, in my understanding, is as such: Labor is the effort and work created by an individual to produce goods and services. Labor power, on the other hand, is the amount of effort you can create to do the necessary labor. The working class has to sell the ability of their value to work for the capitalist to make the necessary money to survive. As it’s a specific act of a working-class person to work and a set amount of time for wealthy people, the source of value for a person is essentially the amount of labor going into you toward the amount of labor coming out of you.
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 excess value created on top of the value it took you to get to work, which is your labor power. As an example, if you create labor power to maintain 4 hours’ worth of work but are working a 9-5, your boss gets the extra 4 hours out of you as a surplus value. It is important to understand this, as this surplus value does not come to you, but instead it is profit for your boss. They will make more of your effort than you will, which can be seen as very exploitative.
