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Sociology 323 Economy & Society March 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) - PowerPoint PPT Presentation
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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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