This question <137|137> overall <134|136> Prairierose: <1834|494>.  
  Question 110: Define abstract labor and explain why Marx's theory can be summarized as: “Under capitalism, labor has social significance only as abstract labor.”   
  [135] Prairierose: As Professor Ehrbar elucidates on page 57 of annotations “all labor, whatever its concrete form, is also ‘abstract labor’ — not because we can think about in the abstract, but because all labor is the expenditure of human nerves, brains, muscles, etc. Abstract labor in this definition is a real aspect of every labor process.” In a capitalist society it is only possible for labor to be measured as abstract labor. The abstract labor is representative of the physical and mental efforts input into the commodity by the worker. Labor is then socially significant in the capitalist market through abstract labor. The capitalist market trades the commodities with money. The money then flows back to the worker in the form of wages. However, a greater amount of the money earned from the commodity is sent back to the owner. Through this process of exchange in the capitalist market labor has social significance only as abstract labor.   
  Hans: In this chain of arguments it is important to note that the money which the capitalist gets for the commodity is (in Marx's theory) a representation of the abstract labor content of the commodity. In neoclassical economics, money represents the utility of the buyer; in Marx's economics, by contrast, money represents the labor in the product.   
 
 
 
  Students enrolled for Econ 5080 in 2009fa are invited to give feedback to the above message
Pseudonym:      UofU ID:  
Text: