You might want to take your time to choose your answers next time. So it is only the quantum of socially necessary labour, or that labour-time which is socially necessary for the constitution of a use-value which determines the quantity of the value. One does not by any means actually detect in the form of universal immediate exchangeability that it is a contradictory form of commodity: just as inseparable from the form of not immediate exchangeability as the positivity of one pole of a magnet is from the negativity of the other. In the form of society which we are going to examine, they form the substantial bearers at the very same time of exchange-value. (a) The poles are hard to pin down, reflexive. “The body of the commodity that serves as the equivalent, figures as the materialization of human labour in the abstract and is at the same time the product of some specifically useful concrete labour. This determination did not, however, reveal itself expressly.

Marx posits that values “appear to result from the nature of the products” (McIntosh, 70); yet, it is labour, specifically human labour, that gives the product its value. Now just as a general or a banker plays a big role in bourgeois society but the simple human being, on the other hand, plays a very shabby role, that is the way things stand here also in the case of human labour. Now, in saying the same thing, he insists that the linen only counts as its use-value, while the coat only counts as the linen’s exchange-value. is dealing with a perfect economy, and that labour is simply one of many

Therefore, just as one is abstracting, in the case of the values of coat and linen, from the difference between their use-values, just so, in the case of the labour which these values represent, is one abstracting from the difference between the useful forms, wherein labour is on the one band tailoring-labour and on the other hand weaving. Marx also says that each commodity in the “chain” can be in the relative form of value to all of the others. Who is not reminded here of that excellent Dogberry who teaches the night-watchman Seacoal, ‘To be a well-favoured man is the gift of Fortune, but to write and read comes by Nature.’ (Much Ado About Nothing, Act III, Scene 3.). Volume One (trans. Capital cannot be created without circulation either because labor creates value within the general formula. Similarly, the concrete, useful labour contained in the use-value turns into its own opposite, to the mere form of realization of abstract human labour. It is used to compare the utility of commodities through exchange of equal value.

One use-value is not exchanged for the very same use-value. “The secret of the expression of value, namely the equality and equivalence of all kinds of labour because and in so far as they are human labour in general, could not be deciphered until the concept of human equality had already acquired the fixity of a popular opinion. Wage Otherwise with the second form. it will serve as a use-value, by means of an exchange." The equality of all sorts of human labour is expressed objectively by their products all being equally values; the measure of the expenditure of labour-power by the duration of that expenditure, takes the form of the quantity of value of the products of labour; and finally, the mutual relations of the producers, within which the social character of their labour affirms itself, take the form of a social relation between the products.            |                                         ☺, Hi Alex, thanks for the feedback. If men relate their products to one another as values insofar as these objects count as merely objectified husks of homogeneous human labour, there lies at the same time in that relationship the reverse, that their various labours only count as homogeneous human labour when under objectified husk. (2) The development of the relative and equivalent forms of value: their interdependence, (3) The transition from the general form of value to the money form. A commodity may be the product of the most complex labour. If so, in what context? The value of the linen remains equally large, whether expressed in coat, or coffee, or iron, etc., in innumerably different commodities belonging to the most different possessors.

A commodity has a dual nature: a use value (natural form) and a bearer of labour value (value form) (Marx 1990: 138). For that to happen, however, a material basis of society is demanded or a row of material conditions of existence which are themselves again the primordial product of a long and painful history of development. The use-value or commodity-body is here playing a new role. After all, what is the meaning of the value-form of linen? Thus if in the simple relative expression of value it is not that commodity which expresses its amount of value, but rather that commodity in which the amount of value is expressed which is the one that obtains the form of immediate exchangeability (equivalent form: hence, immediately social form), the same thing holds true for the universal relative value expression. But this is a tautology which does not express the amount of value of this commodity, which is situated in a universal form of Equivalent – and thereby in perpetually exchangeable form.

But it does not inhere in us insofar as we are things. collapse. 6 hours of labor time to provide for sustenance, then the remaining hours These others, with respect to the former, play the passive parts of equivalents. THus, while this element of the Marxist theory is incorrect, does it make of a commodity" {54}.           ^                                        It is only as expressions of such a unit that they are of the same denomination, and therefore commensurable.” (Marx 1906: 57). Political economy has by now, to be sure, analysed value and amount of value, even if incompletely. On the other hand, the other commodity, the coat in which it expresses its value in a relative way, obtains precisely in that way the form of a use-value as an equivalent which is immediately exchangeable with it. As covered in class, the explanation of how use values and exchange values are independent really helped me grapple with these terms. (As opposed to the goals/decisions

In exchanging goods, which by definition must be equal, we are also Summary: Chapter 1 of volume 1 of Capital is called “The Commodity,” and presents Marx’s theory of the commodity and labour value.Chapter 1 is divided into four sections: (1) The Two Factors of the Commodity: Use Value and Value(2) Dual Character of the Labour embodied in Commodities(3) The Value-Form, or Exchange-Value(4) The Fetishism of the Commodity and its Secret. Various events may lead to the downfall of a given system, but often As we consider the matter more closely it will appear that the labour which is contained in the commodity is two-sided, also. Appearance itself teaches, moreover, that in our capitalistic society a given portion of human labour is adduced alternately in the form of tailoring or in the form of weaving on each occasion in accordance with the shifting direction of the demand for labour. During the process in which the value of commodity A is displayed in commodity B (whereby commodity B becomes a single Equivalent), it was indifferent of what specific type commodity B happened to be. If a peasant family produces coat, linen and wheat for its own consumption, then these things confront the family as differing products of their family labour, but do not confront one another reciprocally as commodities. show that not only are the *products* different (i.e.

The concept of human equality allows the law of value. ), Social theory: The multicultural and classic readings (pp. It cannot express its value in its own body or in its own use-value, but it can relate itself to another use-value or commodity-body as an immediately existent value. And vice versa. over-and-above costs that the worker produces. Nevertheless, this second form contains within itself an essential development of form.

Philadelphia, PA: Westview. Its discovery, while removing all appearance of mere accidentally from the determination of the magnitude of the values of products, yet in no way alters the mode in which that determination takes place.” (Marx 1906: 86–87). The use-values coat, linen, etc. The commodity nevertheless can only become through these properties in all cases only an object related to human needs, but not a commodity for other commodities. Quantity, demand, world economy, type of labour, etc.

It manifests its value in the value-relation to another commodity, and hence as exchange-value. current economics depends on. Describe the necessary contradictions inherent in the system of capital. Hence the simple form of value of a commodity is the simple form of the appearance of the opposition between use-value and value which is contained within the commodity” (153).



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