America Is Running Out of Everything The global supply chain is slowing down at the very moment when Americans are demanding that it go into overdrive. By Derek Thompson

    • LeninWeave [none/use name]
      ·
      3 years ago

      You're right. I'm familiar with the concept of socially-necessary labor-time, but I was trying to do an ELI5 and unfortunately butchered it a bit in the process. I simply meant that labor has to be necessary to add value.

      The point being that, if everything is completely automated everywhere, socially-necessary labor-time to produce anything is zero. No labor to be done, no surplus value to be extracted, no profit.

      Gonna edit my post to point out it's the average necessary labor that counts, thanks for pointing it out.