GGR221H1 Lecture 2: Lecture #2
9 Mar 2017
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Document Summary
Ubiquitous, self-sufficient trivial thing, expedient, convenient, weird thing, mystifying, cellular form of capitalism, root of production. Dialectical unity of use value and exchange value. Value = a things ability to satisfy a human need or want, a things usefulness. Exchange value = transactional power of a thing; a commodity"s social meaning. Exchange value = quantitative values, transactional equivalent to use value. Dialectical movement or dialectically intertwined of material conditions. Some material conditions, other material conditions, contradictions drive change, thesis antithesis synthesis through process of sublation. Contradictions brought together to form synthesis that will form something to . Commodity"s price = the cost of producing it not its intrinsic value. Surplus value = profit, return on investment (to capital); value calculated beyond the cost of production. The labour theory of value the time to produce a thing is its value; the price is the cost of labour that is socially necessary to produce it.
