| This question <10|6> overall <2|4> Cartman: <445|136-3>. |
| Question 57: Is value the result of abstract labor? |
| [3] Cartman: abstract labor “A use value, or useful article has value only because Human Labor in the abstract has been embodied or materialised in it.” Clearly, from this statement, we see that Marx believes that value is the result of abstract labor. The quantity of labor required to make or produce a certain article determines that level of value given to it. However, Marx does make a distinction concerning what type of labor gives value to a commodity. This type of labor is homogeneous human labor. It would be practically impossible to equally distribute value to varying types of commodities. Reason being, the drastically different modes of production each one must go through. For this reason, Marx defines homogeneous human labor as the expenditure of one uniform labour power. This describes the conditions of labor, or production, that are “average” for time and skill under normal conditions. |
| Hence, Marx believes that the magnitude of value of a commodity is directly related to the amount of labor socially necessary. In his own words, “as values, all commodities are only definite masses of congealed labour-time.” |
| However, another point that Marx brings up, is the ever changing production processes that commodities go through. With technological advances, differing levels of skill and many externalities, the productiveness of labor is always changing. Therefore, Marx states that “value varies directly as the quantity, and inversely as the productiveness, of the labour incorporated in it.” |
| Personally, I can agree with Marx to a certain extent. Labor is an important input in the production of a commodity. However, I can not see how labor alone can determine the entire value of the commodity. There are so many other inputs to consider that contribute to value such as raw materials and overhead, to name a few. And how as Economists could we leave out supply and demand. I feel that it is a combination of the many inputs and factors of a commodity that determine it's final value to society. |
| Hans: Your last five words should of course be spelled “its final value to society.” |
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