Socially necessary abstract labour time

[erudito]

The Marxian theory of value says value is created by socially necessary abstract labour time. Any particular worker working on any particularly thing may, in fact, not successfully create value. But, if something has value, that value is equal to the socially necessary abstract labour time embodied in that thing

Comments

[taavi]

I don't follow a point you are making here. Can you clarify who the owner/capital contributor is making a guarantee to?

Whoever the firm owes

[erudito]

Essentially, any gap between revenue and expenses. Someone has to bear the loss, that is the owner. If the loss is too great for the extent of the guarantee, the firm is bankrupt and goes out of business. (Unless it trades its way out of difficulties, a la Chapter 11 in US law.)

Labour News

[anonymous]

Really its an excellent post.your ability to share this information is well-talented and very appreciated. Thanks for this nice post.Keep it up!

labourtv.co.uk