Lecture 1 Ethics
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| Labour Theory of Value Everything could ultimately be reduced to a single metric – the labour hours involved in making it. Central question How does a product gain worth or value, and thus who is it who really owns it 3 inputs in every product capital, rm, labour • Capital o Property (land) o Plant (factory) ▪ Raw materials • Labour • Property ▪ Labour o Equipment (made from raw materials, plus labour) Marxist doesn’t count property because they are comprised of labour and rm, and we’ve already accounted for those further back in the chain • Raw materials [rm comes from the land, and the land is owned by everyone, so everything that comes out of the land should be owned by everyone] o Property (materials from the land) [all property has been expropriated stolen so nobody should own property] o Labour (labour to extract raw materials from land) • Labour only legitimate input into a product A product primarily contains accumulated/dead labour (all the labour that went into the product, including labour into the raw materials) Download 0.65 Mb. Share with your friends:
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