The workman does not sell or exchange Labour for Wages, but his Labour-Power. Labour-Power then is his disposable commodity. It obeys the Law of Value and the Law of Supply and Demand. Wages then is the Price of Labour-Power. This proves that wages obey the law of Supply and Demand.
Value is the labour-time necessary for the making of a commodity.
The Value of Labour-Power is equal to the value of the commodities needed to produce a normally efficient worker. Account has now to be taken of the strength or skill required, regularity, social convention, trade organisation etc. One normal Labour-Power represents a family of five. A workman's wage, then, is regulated by what is needed to maintain the average family. Experience shows that the wages of the working class just about keeps it going.