LABR 1F99 Lecture Notes - Lecture 6: Wage Labour, Wage Slavery, Labour Power
19 Oct 2016
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Plus, core concepts: alienation (rhinehart reading, economic surplus, productivity & labour extraction, labour market & labour process. The working class (85%: must work for someone else in return for money (or rely on someone who does), which they use to support themselves and their families. Small business owners (10-15%: small portion of society operate their own small businesses or farms. Capitalist class (>2%: very small portion of society own enough capital to support themselves without working, or else they work as top managers or larger companies in which most of the work is performed by paid employee. Definition the process by which workers offering their capacity to work for wages and employers offering jobs at a certain wage interact and settle on a mutually agreed upon wage contract. Labour supply and demand varies according to: availability and quality of jobs, availability and skill level of workers.
