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/