• tags :: wagescapitallabor-power

• source :: Capital Vol. 1

In Capital Vol. 1, Marxhypothesizes that wages are determined by the cost of the reproduction of the worker. Workers only have their labor-power to sell and as such must reproduce their labor-power day-to-day. This would mean being able to purchase means of subsistencesuch as food and housing.

I think Marx was mostly right about this, however I think that in places like the United States the picutre is more complicated, as many workers make less than the cost of reproducing themselves.