Download Marx's Lost Theory by Mike Davis PDF

By Mike Davis

New Left evaluate ninety three, May-June 2015 forty five

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PROFIT M r o b La c Po r e w C M+ e g Wa m c In order to be able to extract value from the consumption of a commodity, our friend Moneybags must be so lucky as to find, within the sphere of circulation, in the market, a commodity whose use value possesses the peculiar property of being a source of value. … The possessor of money does find on the market such a special commodity in capacity for labor or labor power. — Marx, Das Kapital 30 Book2:Layout 1 3/19/12 1:36 PM Page 31 We already know that Marx believes that human labor, working with the raw materials furnished by nature, is the source of all social wealth.

Maybe to make the commodity to a good standard and quality requires somewhere between 3 and 4 hours and 50 Book2:Layout 1 3/19/12 1:37 PM Page 51 that this is compromised by the remorseless pressure to work faster? ” Of course if the capitalist employing Group C can sell its product at a higher price, in the name of higher quality, then perhaps the operation can survive. But that merely produces a stratified market excluding some consumers. If there is a convergence between the groups, though, and prices fall due to greater efficiency, is that not of benefit at least to the consumer?

A coat) 25 Book2:Layout 1 3/19/12 1:36 PM Page 26 The circuit C-M-C starts with one commodity, and finishes with another, which falls out of circulation and into consumption. Consumption, the satisfaction of wants, in one word, use value, is its end and aim. — Marx, Das Kapital This circuit of exchange has a number of important features: 1) It begins with one commodity and ends with a completely different commodity. 2) In principle, there is no intrinsic reason why the first commodity and the second commodity, although different in their qualities, are not of equivalent value.

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