Tag Archives: market socialism

Law of Value 9: Abstract Labor

UPDATE: I can no longer recommend the presentation on Abstract Labor in this video. My thoughts on Abstract Labor have evolved since making this video, as can be seen in more  recent posts on the subject. Therefore I do not … Continue reading

Posted in Econ 101-value profit exploitaiton, The Law of Value, Uncategorized | Tagged , , , , , , , , , , | 127 Comments

Law of Value 6: Socially Necessary Labor Time

We’ve probably all heard Marx’s famous description of the higher phase of communism: “From each according to his ability, to each according to his need.” Marx didn’t actually come up with this phrase but he quotes it in one his rare commentaries on communism. Here an hour of one person’s work is equal to an hour of anyone else’s, creating a basis for real equality throughout society, regardless of the productive abilities (or privileges) of individuals. In the Critique of the Gotha Program Marx describes the lower phase of communism as a system in which, after an hour of labor, all workers receive a certificate entitling them to a certain amount of consumption goods in proportion to their working time, not their level of productivity. There is no SNLT, and no inequality, because everyone’s work has the same social power. Obviously this is not a robust plan for how a communist society should be run. But it gives us a glimpse into the sort of radical questions we should be asking ourselves when thinking about communism. Continue reading

Posted in Econ 101-value profit exploitaiton, The Law of Value | Tagged , , , , , , , , , , , , | 82 Comments