Sociology 323
Economy & Society
March 5 – Marx
Video: David Harvey
http://davidharvey.org/page/5/
What is the value of a commodity?
Use
Commodity
Exchange
Value
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 PROCESS
Capital is value in motion
Capital is created via the circulation of
money and commodities
C-C
C-M-C
M-C-M
M-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 Value
Not derived from:
Exchange of Equivalents
Non-Exchange of Equivalents
Not Effective Demand
Circulation by itself does not create surplus value
Labour Power
Is 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 sense
1 – People can dispose of their labour power as their own
commodity
2 – 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 Labour
Subsistence
Family (kids are future workers)
Education
Good Health
Lifestyle Needs
What commodities
do you want/need?
Useful Link:
http://davidharvey.org/2008/06/marxs-capital-class-04/