What Is Your Value?

How much money? This question is commonly asked in various situations, whether at the supermarket, restaurant, or when considering tuition fees or salaries. Money plays a central role in the economy, acting as a measure of value. For example, a meal’s value is shown by its price, a program’s value by its tuition fee, and one’s work value by their salary. However, the value of labor is complex. Labor, defined as efforts to produce goods or services measured by wages, remains crucial despite technological advancements. Although technology might reduce the need for human labor, the constant expansion of the global economic system still relies on it. When a more cost-effective production method is found, it is used for profit. Historically, money was a means to buy commodities, but modern capitalism focuses on generating more money through investments. Labor is vital in this process as it adds value to commodities, allowing them to be sold for more than their production cost. This financialization of labor is central to the economy, as labor contributes to money-making. However, not all labor is paid. Unpaid labor, such as social reproduction, is crucial but often ignored by the economy because it doesn’t directly generate profit. The economy’s tendency to overlook essential aspects, such as unpaid labor, leads to a skewed understanding of its true functioning. This article series, “Hidden from the Economy,” explores how certain labor and work are excluded from economic considerations, even though they are vital for the system’s survival. Future articles will investigate why the economy externalizes some labor and work processes and recognizes others, aiming to better understand labor- and work-related issues.