Sociology 323 Economy & SocietyMarch 5 Marx

Video: David Harvey

http://davidharvey.org/page/5/

What is the value of a commodity?

Use Commodity Value Exchange

Concrete Value Exchange(Socially Necessary Labour Time) Abstract

Relative Exchange Money Equivalent

Pick a commodity and determine its value according to Marx, Capital Volume 1

Useful Links:

http://davidharvey.org/2008/06/marxs-capital-class-02/

It's all about a PROCESSCapital is value in motion

Capital is created via the circulation of money and commoditiesC-CC-M-CM-C-MM-C-M' (surplus value)M-M'

The Expansion of Capital Becomes Limitless

C-C exchanges are finite

M-C-M' & M-M' exchanges are limitless

Surplus ValueNot derived from:Exchange of EquivalentsNon-Exchange of EquivalentsNot Effective DemandCirculation by itself does not create surplus value

Labour PowerIs the capacity to create value (via use-value)Appears as a commodity - Person's own property - Offered for sale on the market

Is free in a double sense1 People can dispose of their labour power as their own commodity2 Free from owning any of the commodities that they produce

Is where Surplus-Value comes from

Value of Labour Power= The Value Necessary to Reproduce the Labourer

Reproduction of LabourSubsistenceFamily (kids are future workers)EducationGood HealthLifestyle Needs

What commoditiesdo you want/need?

Useful Link:

http://davidharvey.org/2008/06/marxs-capital-class-04/

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