This surplus-value is the key to the whole present economic organization of society. The end and object of bourgeois society is the formation and accumulation of surplus-value, or in other words, the systematic robbery of the producing class. Now when we say robbery, we do not mean to accuse employers of conscious dishonesty. They are the creatures of a system just as the workers are, but it is a system which makes their interests diametrically opposed to the interests of their employees. The only way the capitalists can increase their relative share of the product of their employees' labor is by decreasing the relative share of the latter. Now, if out of the total product of his labor the workingman only receives a part, then it is true to say that he works part of the day for himself and part of the day gratuitously for the capitalist. Let us say, for purposes of illustration, that he works three hours for himself and seven hours for his employer for nothing. This three hours we call his necessary labor time, or his paid labor; and the seven hours we call his surplus labor time or his unpaid labor. The product of his three hours' labor is the equivalent of his wages or as we call it, the value of his Labor-Power. The product of the other seven hours of his labor, his surplus or unpaid labor, is surplus product or surplus-value. Starting from the fact that every workingman knows to be true, that he don't get all he feels he ought to get, we have thus, I think, made the definition of surplus-value clear to every one of you, but we have been talking of surplus-value and value of labor power and we have not yet defined Value. When we speak of the value of an object we mean the amount of human labor that is embodied or accumulated in it, that has been spent in fitting it to satisfy human needs. And we measure the amount of this human labor by its duration, by labor-time. You, if you are a skilled, highly-paid worker, receiving say four dollars a day, may say that it is absurd to say that an hour of your labor produces no more value than an hour of Tom's or Dick's or Pete's, who get only eighty cents a day apiece. You are quite right. Your hour does produce more value. The labor-time that determines value is the labor-time of the average, untrained worker. Again, you may waste your time, spending half of it looking out of the window or carrying on a flirtation. This wasted labor does not count in measuring value. The only labor that counts is the labor that is socially necessary under normal conditions for the production of the given commodity. Again, labor spent to produce a useless article does not produce value. To produce value the labor must serve to satisfy human wants. Now, I think this is quite clear so far. We know what surplus-value is. We know what value is and how it is measured. Let us now see what is meant by the Value of Labor-Power.