The wage only imperfectly reflects the exchange value of labour power

Evidence

Commodity Labour is the bundle of labour time and skills a worker leases to an employer. The exchange value of commodity labour equals the sum of the experiential labour that other workers have put into the commodities that a waged worker’s wage can buy. In the same way that price is the (seldom perfect) reflection of a commodity’s exchange value, the wage is the (seldom perfect) reflection of commodity labour’s exchange value. — Yanis Varoufakis, Technofeudalism, 790

Categorization

• DEFINE: Defines commodity labour and the wage as an imperfect mirror of its exchange value.
• corroborated: 2 independent passages support this claim — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 790
• XREF: connects to: Neoclassical wage theory asserts labor is paid exactly its marginal worth — Clara E. Mattei, The Capital Order: How Economists…, 1255; Wages compensate time but not enthusiasm workers contribute freely — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 65; Capitalist-worker exchange is formally equal but substantively unequal — Dirk Braunstein, Adorno’s Critique of Political Economy, 1365 (+1 more)

Broader Connections

• Capitalist-worker exchange is formally equal but substantively unequal #expands (0.85) — Dirk Braunstein, Adorno’s Critique of Political Economy, 1365
• Surplus value is the gap between labour infused and labour bought #expands (0.80) — Yanis Varoufakis, Technofeudalism, 795