Marx: A Very Short Introduction (Very Short Introductions)

by Peter Singer

What does Marx mean by this distinction between objectified and living labour? Objectified labour is the predetermined amount for which the capitalist pays—for instance, the worker’s labour for one day. This is labour as a commodity. The exchange-value of this commodity is the amount needed to produce it, that is, the amount needed to keep the worker alive and reproducing, so that there will be a continuous supply of labour. But there is a dual nature to the exchange of labour and capital. The capitalist obtains the use of the worker’s labour-power for the prescribed period—say, one day—and can use this labour-power to produce as much wealth as he is able to get out of it. This is what Marx means when he says that capital buys ‘living labour’. The worker gets a fixed sum, regardless of what the capitalist can make out of the worker’s labour-power.