Sociology 323 Economy & Society March 5 – Marx. Video: David Harvey

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Presentation transcript:

Sociology 323 Economy & Society March 5 – Marx

Video: David Harvey

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:

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: