- 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 are all the necessary items and ‘infrastructures’ in the production of a commodity. Labor is the amount of time that a person put in the making of the product. For example, if you buy a taco from a local food truck, the means of production might be the truck itself, the as used for stove to operate, the pans, the cooking instruments, the water and soap used to clean the dishes, the plastic plate/utensils, the napkins, the ingredients (of course) and so on. The labor on the other hand would be the time and effort that the cook has put into the making of the dish; chopping and dicing, frying, assembling, etc. - 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?
Value is measured by how much labor it takes to produce a product under normal circumstances. The value is given to a product by the labor and time the was put into its making. What makes something valuable is the fact that the labor that was put into it has changed it into something else, worth more than it was before. - How are labor and value related? What’s the relationship/connection between the two?
Labor is the time and effort that a person put into the making of a commodity/product. The value of a product increases as more labor is out into it. This indicates that there is a positive correlation between the two terms (meaning that as one increases the other increases as well). - 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 putting of time and effort into the making of something (product/commodity). Labor power is the potential of that labor to be put to work, the ability to labor. According to Marx it is the most important commodity in the world. It is the only commodity that increases the value of what you have when applied. It is found only in people. When going o work, you ‘lend out’ your labor power for the day. It needs to be sustained (by food, shelter, clothing, etc.). - 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 that is being generated after the capitalist has already got back from you the labor that was put into you in order to sustain you labor power. Let’s assume that in order to sustain your labor power, 3 hours of labor are needed. You then labor for 3 hours, generating value. At the end of these 3 hours, the labor that was ‘invested’ in you and the labor that you produced are ‘even’ and you paid off the labor that was put into you. From that point onward, until your work-day is over, any additional labor that you produce would be the surplus value that goes directly to the capitalist and increase their gains. Of course you are getting paid for the labor, but the gains of the capitalist are higher than what he pays you, thus making profit. The surplus value of the product is the source of gains for the capitalist.
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Hello, I liked how you explained the difference between means of production and labor. The difference lies in defining what each are. Time versus the tools used to make something.