Question

Define Variable capital.

Answer 1

Answer:

Variable capital refers to the capital outlay on labour costs, the sum total of salaries, insofar as they reflect the earnings of workers.

• The higher output value, compared to input costs, is attributable only to the exploitation of living labor power (other things being equal). Variable capital is variable because its value varies in the process of production, because the worker will generate value above and beyond what he wants to survive, paying in wages.

Answer 2

Variable capital:

• 'Variable capital' is the labor power component of productive capital.
• It is called 'variable since it is the one element within productive capital whose consumption produces (as opposed to transfers) value, and as such it is the sole source of surplus-value.  
• The 'variable capital' invested in the 'purchase of labor-power' ultimately stems from the 'activity of wage laborers' themselves.
• The money that is here advanced to the worker is only the transformed equal form of a portion of the commodity value that he himself produces.

Learn more about Variable capital:

Classify the following as fixed cost or variable cost : 2

(a) Rent on factory building

(b) Expenditure incurred on raw material  

(c) Property taxes

(d) Interest on borrowed capital

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Define Variable capital.

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