Editing Capitalism (section)

== Wage labor ==
{{Main|Wage labour}}
[[File:Worker 9.JPG|thumb|An industrial worker among heavy steel machine parts (Kinex Bearings, [[Bytča]], [[Slovakia]], {{Circa|1995}}–2000)]]
Wage labor refers to the sale of [[Labour economics|labor]] under a formal or informal [[employment contract]] to an [[employer]].<ref name="Steinfeld 2009 3"/> These transactions usually occur in a [[labour market|labor market]] where [[wage]]s are market determined.<ref>{{Harvnb|Deakin|Wilkinson|2005}}.<br />{{Harvnb|Marx|1990|p=1005}}, defines wage labour succinctly as "the labour of the worker who sells his own labour-power."</ref> In Marxist economics, these owners of the means of production and suppliers of capital are generally called capitalists. The description of the role of the capitalist has shifted, first referring to a useless intermediary between producers, then to an employer of producers, and finally to the owners of the means of production.<ref name="Williams 1983 51" /> [[Labor (economics)|Labor]] includes all physical and mental human resources, including entrepreneurial capacity and management skills, which are required to produce products and services. [[Production (economics)|Production]] is the act of making goods or services by applying [[labor power]].<ref>Ragan, Christopher T.S.; Lipsey, Richard G. ''Microeconomics''. 12th Canadian ed. Toronto, Pearson Education, 2008. {{ISBN|978-0-321-31491-8}}</ref><ref>Robbins, Richard H. ''Global problems and the culture of capitalism''. Boston: Allyn & Bacon, 2007. {{ISBN|978-0-205-52487-7}}</ref>