PHIL 322 Lecture 19: PHIL-322,University of Arizona,Readings(p19)

• School: University of Arizona
• Department: Philosophy Main
• Course: PHIL 322
• Professor: ALL

Document Summary

Employment relationship is simply another instance of economic exchange, with the laborer selling his or her work in exchange for money in the form of wages. While the natural right of property is based on labor, there is also an artificial right of property that is based on nothing more than legislative force. For both hodgskin and for the industrialists, then, the state was a key agent in facilitating the exploitation of one class of individuals by another. Marx thought, workers labor under capitalism is neither truly voluntary nor entirely for the benefit of the workers themselves. Labor theory of value, this means that just like any other commodity such as butter or corn, the price (or wage) of labor power is determined by its cost of production. Labor, and labor alone, according to marx, has the capacity to produce value beyond that which is necessary for its own reproduction.