Labor is a commodity, like any other, and its price is therefore determined by exactly the same laws that apply to other commodities. In a regime of big industry or of free competition – as we shall see, the two come to the same thing – the price of a commodity is, on the average, always equal to its cost of production. Hence, the price of labor is also equal to the cost of production of labor. But, the costs of production of labor consist of precisely the quantity of means of subsistence necessary to enable the worker to continue working, and to prevent the working class from dying out. The worker will therefore get no more for his labor than is necessary for this purpose; the price of labor, or the wage, will, in other words, be the lowest, the minimum, required for the maintenance of life.
Friedrich EngelsRelated topics
average big class commodity competition consist continue cost dying equal free industry labor life maintenance minimum necessary price production purpose quantity regime see subsistence thing wage working worker means words laws costsRelated quotes
In a certain sense all knowledge is inductive. We can only learn the laws and relations of things in nature by observing those things. But the knowledge gained from the senses is knowledge only of particular facts, and we require some process of reasoning by which we may collect out of the facts the laws obeyed by them. Experience gives us the materials of knowledge: induction digests those materials, and yields us general knowledge. When we possess such knowledge, in the form of general propositions and natural laws, we can usefully apply the reverse process of deduction to ascertain the exact information required at any moment. In its ultimate foundation, then, all knowledge is inductive-in the sense that it is derived by a certain inductive reasoning from the facts of experience.
William Stanley Jevons
Just as the commandment "Thou shalt not kill” sets a clear limit in order to safeguard the value of human life, today we also have to say "thou shalt not” to an economy of exclusion and inequality. Such an economy kills. How can it be that it is not a news item when an elderly homeless person dies of exposure, but it is news when the stock market loses two points? This is a case of exclusion. Can we continue to stand by when food is thrown away while people are starving? This is a case of inequality. Today everything comes under the laws of competition and the survival of the fittest, where the powerful feed upon the powerless. As a consequence, masses of people find themselves excluded and marginalized: without work, without possibilities, without any means of escape.
Pope Francis
In cantoning the troops and drawing supplies for their subsistence, it may not be amiss to have an eye to the affair of next campaign. The expense and difficulty of transportation from the Western States, your Excellency is perfectly acquainted with. You are also sensible that the long tract of barren country, through which the supplies must come, will only admit of a certain quantity of transportation; therefore I conceive, that good policy points out the necessity of keeping as many stores in reserve in this State as possible. This is necessary, not only to be prepared for any emergency that may happen from the enemy's turning their force against the Eastern States, but to have a magazine in readiness for a secret purpose, which your Excellency hinted to me a few days since.
Nathanael Greene
It was recognized, and recognized fairly, that when you get large bodies of workmen together they cannot, nor is it fair to expect them to, negotiate individually against the more powerful management that controls large bodies of men; and so it was that, to secure effective freedom of contract, power was given for man to join himself to man for that very purpose of bettering his position. The trade union as we know it came into being to meet the new conditions of industry. It was essential then, and for that purpose it will continue to be essential. This country is the birthplace of that kind of combination-this country, which has been the birthplace of every effort to free mankind by legitimate and evolutionary means, and will continue to be so, long after the efforts of other and less happy countries have gone down in failure and disaster.
Stanley Baldwin
Capitalism should not be condemned, since we haven't had capitalism. A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. It's not capitalism when the system is plagued with incomprehensible rules regarding mergers, acquisitions, and stock sales, along with wage controls, price controls, protectionism, corporate subsidies, international management of trade, complex and punishing corporate taxes, privileged government contracts to the military-industrial complex, and a foreign policy controlled by corporate interests and overseas investments. Add to this centralized federal mismanagement of farming, education, medicine, insurance, banking and welfare. This is not capitalism!
Ron Paul
