Commodities and Value Lecture

Commodities and Value Lecture - universal equivalent Valu e...

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Commodities “A commodity appears, at first site, a very trivial thing, and easily understood. Its analysis shows that it is, in reality, a very queer thing, abounding in metaphysical subtleties and theological niceties” (59).
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The history of commodities “This division of a product into a useful things and a value becomes practically important, only when exchange has acquired such an extension that useful articles are produced for the purpose of being exchanged, and their character as values has therefore to be taken into account,
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5/20/10 Commodities Commod ity Use- value Exchange-value (money is the
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Unformatted text preview: universal equivalent) Valu e Socially necessary labor-time “The labour-time socially necessary is that required to produce an article under normal conditions of production, and with the average degree of skill and intensity prevalent at the time” (53). 5/20/10 Abstract Labour Vs. Concrete Labour Commodity fetishism “…there is a definite social relation between men, that assumes, in their eyes, the fantastic form of a relation between things” (60). “the specific social character of each producer’s labour does not show itself except in the act of exchange” (61)....
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This note was uploaded on 05/16/2010 for the course ECON 273 taught by Professor Hubber during the Spring '10 term at Syracuse.

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Commodities and Value Lecture - universal equivalent Valu e...

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