SOCIOL 101 Lecture Notes - Lecture 5: Surplus Labour, Labour Power, Constant Capital
Document Summary
Constant capital: capital which is turned into means of production. Same amount of value put in the beginning comes out in the end. Variable capital: capital which is turned into labor power. Money that"s used to purchase labor power on chart. Varies in size (grows in successful capitalist model) Amount of money put into labor power and amount of money that comes out is different (more money is produced) Rate of exploitation = surplus labor / necessary labor. Necessary labor: how much workers need to work to cover cost to survive. Surplus labor: amount of labor done beyond what is necessary to survive. Capitalists try to increase amount of surplus labor (for more surplus value) At this time, workers were paid a daily wage, not hourly. Two ways to produce surplus value: extend the length of working time. Not paying more for more hours, just a daily wage: increase the productivity of labor.
