,"A living wage isn't a gift, it's a right. Workers are often paid far less than the value they create.
,"A living wage isn't a gift, it's a right. Workers are often paid far less than the value they create."
Prior to Marx, the"value" of any product was regarded as pretty much the same as its price in the marketplace. It's how much you would pay to avoid making the product yourself, according to Adam Smith . The reason you might spend $100 on a pair of shoes is because even though $100 is quite expensive, it's a lot easier than making a pair of shoes by hand, yourself, Smith said.
But that raises a contradiction. If all workers are paid less than the value they create, then there will never be enough workers to buy the things they make. Let's say our shoe factory has one worker who makes five pairs of shoes per day, and these sell on the market for $100 each. The factory makes $500 per day in sales. The worker's wage is $10 an hour for a 10-hour day. So the worker is paid $100 per day.
By amazing coincidence, Ocasio-Cortez then tweeted a chart of workers' pay increases compared to their productivity increases, to make the point that even when labour becomes more valuable it does not share the rewards: Whatever they do, the bosses get richer than the workers. Now you have two sets of people, both doing the same thing , but being paid wildly unequal sums for doing so.
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