How Do You Spell SOCIALLY NECESSARY LABOUR TIME?

Pronunciation: [sˈə͡ʊʃə͡lˌi nˈɛsəsəɹi lˈe͡ɪbə tˈa͡ɪm] (IPA)

Socially necessary labour time is a key concept in Marxist economics. The word "socially" is pronounced /ˈsoʊʃəli/, with stress on the first syllable. "Necessary" is pronounced /ˈnɛsəsɛri/, with stress on the second syllable. "Labour" is pronounced /ˈleɪbər/, with stress on the first syllable. "Time" is pronounced /taɪm/. The term refers to the amount of time it takes for workers to produce a good or service, in a society where there is an equal exchange of goods and services.

Meaning and Definition
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SOCIALLY NECESSARY LABOUR TIME Meaning and Definition

  1. Socially necessary labour time is a concept in Marxist economics that refers to the amount of time required for the average worker, using average skill and productivity levels, to produce a particular commodity or service. It is a measure of the average amount of labor necessary to produce a given quantity of a good within a specific society or economy.

    This concept is based on the idea that under capitalism, goods and services are produced for exchange in the market. The value of a commodity is determined by the amount of socially necessary labor time embedded in it. This means that the value of a commodity is determined by the amount of time it takes to produce it, given the prevailing level of technology and the average skill of workers.

    The socially necessary labour time is not an individual measurement for a specific worker but rather a societal average. It takes into account the existence of different levels of skill, technology, and working conditions within a society, as well as the competition among producers.

    This concept is crucial for understanding the theory of value in Marxist economics. It provides a basis for understanding how the exploitation of labor occurs under capitalism, as workers are typically paid a wage that is less than the value they produce through their labor. By analyzing socially necessary labour time, Marxists seek to uncover the underlying dynamics of capitalist production and the class relations that emerge from it.