[OPE-L:4126] Re: Re: Re: Re: Re: Re: use value and value

From: Steve Keen (s.keen@uws.edu.au)
Date: Tue Oct 17 2000 - 00:24:35 EDT

Marx's argument with respect to labor is that its use-value to the
capitalist is quantitative: "its daily expenditure in work ... is its

The past labor that is embodied in the labor power, and the
living labor that it can call into action; the daily cost of
maintaining it, and *its daily expenditure in work*, are two
totally different things. The former determines the
exchange-value of the labor power, the latter *is its use-value*.
The fact that half a [working] day's labor is necessary to keep
the laborer alive during 24 hours, does not in any way prevent
him from working a whole day. Therefore, the value of labor
power, and the value which that labor power creates in the labor
process, are two entirely different magnitudes; and this
difference of the two values was what the capitalist had in
view, when he was purchasing the labor power... What really
influenced him was the specific use-value which this commodity
possesses of being a source not only of value, but of more value
than it has itself. This is the special service that the
capitalist expects from labor power, and in this transaction he
acts in accordance with the 'eternal laws' of the exchange of
commodities. The seller of labor power, like the seller of any
other commodity, realizes its exchange-value, and parts with its
use-value. (Ibid, p. 188.)

Why should the same not apply to machinery?--should not its use-value to a
capitalist also be quantitative?

At 18:51 16/10/00 -0700, you wrote:
>Why would it alter the use value to a capitalist.  He might choose a superior
>use value, but the use value will be unaffected.
>Steve Keen wrote:
>> Michael,
>> It might alter the use-value of an abacus to a capitalist!
>Michael Perelman
>Economics Department
>California State University
>Chico, CA 95929
>Tel. 530-898-5321
>E-Mail michael@ecst.csuchico.edu
Dr. Steve Keen
Senior Lecturer
Economics & Finance
University of Western Sydney Macarthur
Building 11 Room 30,
Goldsmith Avenue, Campbelltown
PO Box 555 Campbelltown NSW 2560
s.keen@uws.edu.au 61 2 4620-3016 Fax 61 2 4626-6683
Home 02 9558-8018 Mobile 0409 716 088
Home Page: http://bus.macarthur.uws.edu.au/steve-keen/

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