Socially necessary labour time in Marx's critique of political economy is what regulates the exchange value of commodities in trade. In short, socially...

that socially necessary labour time needs to be able to be measured as a homogenous unit of labour, which can then be added up. If socially necessary labour...

a commodity has the following: a value, represented by the socially necessary labour time to produce it (Note: the first link is to a non-Marxian definition...

Labour power Labour theory of value Law of value Socially necessary labour time Value-form Working time In 2018, the world's business corporations spent...

distinguished between the capacity to do work, i.e. labour power, and the physical act of working, i.e. labour. Labour power exists in any kind of society, but on...

product-values in an open market are regulated by the average socially necessary labour time required to produce them, and price relativities of products...

labour necessary to produce the means of livelihood of the worker ("necessary labour"). The "surplus" in this context means the additional labour a worker...

is the materialized surplus labour or surplus labour time while the necessary value/product is materialized necessary labour in regard to workers, like...

distinctive way of producing", which could be defined in terms of how it is socially organized and what kinds of technologies and tools are used. Under the...

The value of a commodity is determined by its socially necessary labour time, defined as "the labour time required to produce any use-value under the conditions...