- 04 Apr, 2021
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Work Relationships
Instructions
The employment relationship was explored as early as eighteen century, when Karl Marx contributed to economic science, by his famous “Labour theory of value” (D. Prychitko, 1991). The labour theory of value is generally understood to be a labour theory of price (S. Mohun, 1994). The labor theory of value is a major pillar of traditional Marxian economics, which is evident in Marx’s masterpiece, Capital (1867). The theory’s basic claim is simple: the value of a commodity can be objectively measured by the average number of labor hours required to produce that commodity. (D. Prychitko, 1991) clearly, the labor relationship in the past days was considered as an objective exchange between the two parties (worker and employer) money and profit from the employer in term to the effort and time given from the worker