length of the working day = 8 hrs. of newly added value

1. Necessary labour time and surplus labour time The capitalist does not buy the worker (wage labourers are not slaves), but rather only his labour power, which he can dispose of as he pleases. Necessary labour time: that part of the working day when the value of all those products is created that the worker requires for his own (re-)production. Surplus labour time: labour expended beyond that under the command of the capitalist. It is the source of surplus value. necessary labour time 5 hrs. value of labour power surplus labour time 3 hrs. surplus value length of the working day = 8 hrs. of newly added value

2. The rate of surplus value and the degree of exploitation s measure of the valorization of variable capital = rate of surplus value = v surplus labour = degree of exploitation = measure for the exploitation of LP necessary labour Both rates are equal in magnitude and both describe the relationship of exploitation; on the one hand with regard to the quantity of value, and on the other hand with regard to the length of time. The rate of surplus-value is therefore an exact expression for the degree of exploitation of labour-power by capital, or of the worker by the capitalist. (p. 326) value of commodities c+v+s c constant capital v variable capital s surplus-value rate of profit s c+v