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Standardizing Value

Labor Standard

In the labor standard of value, one hour's work by one person equals one hour's work by another. This is really only tenable in environments in which everyone operates at the same level; when advanced training, highly technical skills, and danger come into play, one may feel compelled to compensate both for the intensity of the work performed as well as for the accumulated knowledge underlying one's ability to perform.
Contributed by Rika Wren

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