The Transformation of the Value of Labour-Power into Wages | Chapter 19

This video covers Chapter 19 of Das Kapital.

[tombull]

Welcome to London! Also this is my favourite series so thank you 😄

[artimissbarker]

I think you should do a series on Henry George's "Progress and Poverty"

[jorgemachado]

The lessons are great but there are some points which may need attention. Value is not created by labor. Value is created by abstract labor. The abstract part of it is fundamental to understand what he is talking about. Marx never defended a labor theory of value like classical liberals. The marxist theory of value is completelly diferent and abstract labor is the source of value. Concrete labor does not create any value is this society (except for use values which are not value itself).

Marx doesn't ignores supply and demand. He only thinks supply and demand can't explain the entire system.

Workers are paid by the labor force. But there is a diference between the labor force and the labor itself. Workers are paid for having the capacity to work but the work they do provides more then the capacity to regenerate the labor force for another day of work. But that doesn't apply for a worker alone. That applies only for the masses, the colective of workers. These abstract labor is the regulator of value

[stephenhemingway]

Have you visited Marx's tomb in Highgate Cemetery, North London now that you are a Londoner?