SOC231H5 Lecture Notes - Lecture 5: Labour Power, Commodity Fetishism, Meritocracy
Document Summary
Marx tries to reveal process of commodities deriving value. Use value -value given based on how it"s used for a specific purpose. From rel of human needs vs objects that satisfy these needs. Physically different w different qualitative use values. No common metric to compare the use values. Social distance/abstraction between producer and consumer of the object. Workers produce for capitalism instead of use. Can be exchanged despite different use value. Without mula, we would have to determine value. Mula has power to create similarities between objects. Marx finds value to not be explained with only use and exchange value. Exchange value must be based on objective something which wasn"t use value. Value is determined by amount of labour time to produce it. Created for the owner when they can create a difference btw the selling price and the value of things consumed to make. Sell more than it took to make = profit.
