Earlier quoted context omitted.
>The reality is calculating "value created" is extraordinarily difficult, so we use "hours-of-butt-in-seat" because it's the closest proxy. Some would disagree on this, the Marxian school posits that the employer really is paying for "hours-of-butt-in-seat", technically, labour-time (note, this is not the same as labour, or the value created by the labour). As such, value of the products doesn't come into it at all,…
> As such, value of the products doesn't come into it at all, but rather only the minimum value required to keep the worker. What is this value equal to? The amount required to sustain the worker... Partially. The employee is paid the minimum amount that the employer can pay, but (again in this fantasy no-air-resistance world) if an employee can produce x units of value for either employer a or employer b, they'll go…
This is precisely why labour unions exist, because the employer owns the means of production and the employee does not.