Socially necessary labour time: Difference between revisions
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Revision as of 22:39, 7 August 2022
The socially necessary labour time is the time that an averagely-skilled worker under normal conditions of the society needs to produce a commodity. It is defined by Marx in the first chapter of Capital Volume I. It defines the exchange-value of the commodity.
It does not say that the less skilled the worker and the worse the equipment, the more valuable the produced commodity is. In opposite, if the labour time in which the commodity was produced is higher than the socially necessary, the value is still the same.