Socially necessary labour time
id:
socially-necessary-labour-time-252-10992406
title:
Socially necessary labour time
text:
Socially necessary labour time in Marx's critique of political economy is what regulates the exchange value of commodities in trade. In short, socially necessary labour time refers to the average quantity of labour time that must be performed under currently prevailing conditions to produce a commodity. Unlike individual labour hours in the classical labour theory of value formulated by Adam Smith and David Ricardo, Marx's exchange value is conceived as a proportion of society's labour-time. Mar
brand slug:
wiki
category slug:
encyclopedia
description:
Amount of time performed by an average worker to produce a given commodity
original url:
https://en.wikipedia.org/wiki/Socially_necessary_labour_time
date created:
date modified:
2024-02-17T07:32:46Z
main entity:
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image:
fields total:
13
integrity:
14