Cf smiths natural pricevariation with time and place

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Unformatted text preview: f him. (168).” “Socially Necessary Labor Time” •  Labor time is “one homogenous mass of human labor-power, although composed of innumerable individual units of labor-power.” (cf. Smith’s “Natural Price”—variation with time and place and state of technology) •  •  "the average amount of skill of the workmen, the state of science, and the degree of its practical application, the social organisation of production, the extent and capabilities of the means of production, and by physical conditions.” SNLT is “the labor-time necessary to produce any usevalue under the conditions of production normal for a given society and with the average degree of skill and intensity of labor prevalent in society” Work = Force X Distance Value = Labor X Time “The introduction of power-looms into England probably reduced by one-half the labour required to weave a given quantity of yarn into cloth. The hand-loom weavers, as a matter of fact, continued to require the same time as before; but for all that, the product of one hour of their labour represented after the change only half an hour’s social labour, and consequently fell to one-half its former value. ----------------------------- 8hrs labor with a hand loom (1 yd cloth) ----------------------------- 8hrs labor with a power loom (2 yds cloth) --- = socially necessary labor time to produce a commodity Who gets the remainder? THE WORKING DAY ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Capitalists get the remainder. SURPLUS VALUE = CAPITAL ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------...
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This note was uploaded on 03/31/2013 for the course GE CLST 21B taught by Professor Porter during the Winter '10 term at UCLA.

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