Support the channel and get the book through our (affiliate) link: https://amzn.to/2QfDRBa (us) This video covers Chapter 9. pages summarized: 15. It appears to contain new things unconnected to what has gone before, or to what comes afterwards. Discuss the concept of necessary labor. surplus product = the portion of the product that represents change in s/v and s/(c + v)! At first reading it appears dense. The rate of profit, on the other hand, which measures the surplus At 6s/12hrs, or .5s/hr, the 30s final product In this paper we argue that grounding the radical approach in Marx's theory of surplus values creates an empirically testable Marxian theory applicable to understanding rates of criminal offending and official responses to criminal behavior. We can also note, that in the more likely case that the wage rate rather than the the wage bill remained the same, the reduction of one hour would drop the wage bill (v) from 10,000 to 9,130.4, c would still be at 86,739.1 and profits (C' - {c + v}) would therefore only fall to 9,130.5 + with a resultant negligible change in s/v and s/(c + v)! Assuming the ratio of s/v equals unity, then 5.75 hours are producing v and 5.75 hours are producing s (where 5.75 + 5.75 = 11.5) A reduction of one hour, assuming wages constant would drop s from 5.75 to 4.75 and lower the rate of surplus value from 100% to 82.6%, hardly an elimination of profit! a deeper intuition that all reductions in work threaten the social fabric some of the implications of the last two chapters where he introduced surplus The most interesting thing in this section concerns the difference surplus value  = excess of value of product over value of In his case, the value of c + v is represented by 10.5 hours, the value of s by 1.0 hours. In a footnote, Marx notes that Senior "to his honor" later on came to support the factory legislation. ▶ Use the site private messaging system of value can be "represented" by either parts of the product, or The rate of profit, on the other hand, which measures the surplus labor time against the capitalist's total investment, is a measure primarily of interest to the capitalists, in so far as it measures how much they earn in relation to how much they had to invest originally. At the same time, following this logic, he also notes that newly created value of 12 hours work (and 6s value) can be represented by only 4 lbs of yarn. be invested tomorrow to raise the productivity of necessary labor and thus --such as the one Marx cites in 1848-- bespeak much more than false logic. What would this imply for his measures of price and productivity? of the total time employed in production, i.e., 12hrs. These values of 24, 3 and 3 can be represented by 16, 2 and 2 lbs of yarn respectively. therefore s/(c + v) = 9.5%. Questions for Review 1. value of inputs = constant capital (c) + variable capital (v) = c + v The rate of surplus-value in production is defined by Marx as the volume of surplus-value produced by the workforce divided by the variable capital (or labour-costs) expended to produce it (the ratio S/V). net profit or s = 10,000 (absolute level of surplus value) They are the workers who have been trained to work hour after hour to make sure their “team” creates the most “surplus value” in the history of capitalism! development Clearly, the higher the ratio s/v the higher percentage of the workers' as Marx has done. that Marx will utilize in the rest of the text. Shouldn't we rather speak of labor necessary today and labor necessary for the future? These two sections go together because Marx is preparing in section 2 the critique of Senior that he wants to make in section 3. These two sections go together because Marx is preparing in section What would the total value of the produce have to be for his example to be consistent? ({115,000/11.5}10.5 = 105,000) We discover total value of the final product can be represented by proportional parts labor time against the capitalist's total investment, is a measure primarily the motivation in the next section, however, when we see how Senior has Marx makes abstraction here.). half the total time of labor creates surplus value, not just the last hour. to the capitalist versus the amount spent on self-reproduction, i.e., Senior's horror story of a one hour drop in the working day gives back to the issue of what is "necessary" about necessary labor, an issue 2 the critique of Senior that he wants to make in section 3. 4.   C'  = 115,000 (total value of product) (as in Marx's calculations). [NB: a certain amount of unemployment is necessary in capitalism to keep pressure on workers to accept alienated low paying jobs; but too much unemployment creates a terrain of unrest.] rate of exploitation              Concepts For Review First Law and implication Second Law Third Law .          net profit    time and measures the surplus in terms of the workers' labor as a whole; surplus produce This between the two measures of the rate of extracting a surplus from the workers. To explain how faster circulation of surplus-value impacts accumulation, we stick to the two example capitals from the last chapter: Why anyone would We begin with the sale price of the iPhone X in the United States – $999. China’s Human Robot Labor Force: The Highest Rate of Surplus Value in the History of Capitalism! Marx's Critique: a) this is silly, why would a reduction of 1 hour drop s to zero? 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