| This question <560-2|561-6> overall <561|561-2> Geek: <542|561-2>. |
| Question 590: Do the workers after introduction of new machinery produce more value per hour? |
| [561-1] Geek: Yes in the very short run, but no in the long run. This is because value is determined by the amount of abstract labor needed to produce a commodity. When you introduce improved or more efficient production methods, you are actually reducing the value of your commodity in the long run (by reducing amount of labor applied), but you will be producing more of it. |
| This happens because the competitive nature of the capitalists. For example, after this new production method is introduced you would see prices stay the same, but the innovating firm will be profiting more because of the more efficient production of the commodity. This would be very short run before all the others in this particular industry eventually adopt this new production method. The competition will drive the price down to a real exchange value based upon the abstract labor once again. Thus the new machinery only created more quantity per hour, not value. |
| According to Marx, the only way to increase value is to apply more abstract labor to a commodity. This added labor increases the value of what is produced. The less labor, less value. |
| Hans: You cannot increase value per hour of labor, but you can increase surplus-value by making the necessary labor shorter (relative surplus-value). |
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