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Sociology 323 Economy & Society March 5 – Marx

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)

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Sociology 323 Economy & Society March 5 – Marx

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  1. Sociology 323 Economy & Society March 5 – Marx

  2. Video: David Harvey http://davidharvey.org/page/5/

  3. What is the value of a commodity?

  4. Use Commodity Value Exchange

  5. Concrete Value Exchange (Socially Necessary Labour Time) Abstract

  6. Relative Exchange Money Equivalent

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

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

  9. It's all about a PROCESS Capital is value in motion

  10. 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'

  11. The Expansion of Capital Becomes Limitless C-C exchanges are finite M-C-M' & M-M' exchanges are limitless

  12. Surplus Value Not derived from: Exchange of Equivalents Non-Exchange of Equivalents Not Effective Demand Circulation by itself does not create surplus value

  13. 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

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

  15. Reproduction of Labour Subsistence Family (kids are future workers) Education Good Health Lifestyle Needs

  16. What commodities do you want/need?

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

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