ECO 3132 Lecture Notes - Lecture 13: Labour Power, Surplus Labour, Making Money

55 views2 pages

Document Summary

Karl marx: the greatest deficiency of most of these thinkers, according to marx. Their lack of recognition that production is a social activity that can take many historical forms or modes of production: he had two problems. Marx argues that the early writers looked at capital as only tools. However the fact that they only looked as a tool was fine but the problem was that whoever o(cid:449)(cid:374)ed these tools had po(cid:449)er. He said that capitals as a good, and required a flow of income from it and had so much power from it: problem number 2. When you own something, you can exchange and you both benefit from it. Labour power is the actual market power they have. What your offering every day is labour power. Marx circuit of capital: they used money to make exchanges easier. You start with a commodity and use money to make it easier and minimize transaction costs.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related textbook solutions

Related Documents

Related Questions