[OPE-L:5217] Re: Re: Re: Re: use-value as qualitative

[Steve Keen <s.keen@xxxxxxxxxx>]

Hi Jerry,

I use the old Progress Press edition.

This quote is the point at which Marx first reveals the source of
surplus-value in Capital I.

Cheers,
Steve
At 09:38 AM 3/20/01 -0500, you wrote:

It is unclear to me in what edition of Volume 1 of
*Capital* on 'p. 188' Steve K cited below in [5189].
However, for reference, it is from Ch. 7, Section 2
in a paragraph that begins "Let us examine the
matter more closely."  In the Kerr edition, this
paragraph is on pp. 215-216. In the International
(1939) edition, see pp. 174-175. In the Penguin ed.,
see pp. 300-301. An interesting difference in
translation concerns "the value which that labor-
power creates in the labor process" (Kerr) vs.
"the value that labour-power valorizes [*verwertet*]
in the labour-process" (Penguin). Note that in all
cases the VLP and the "value that ...." concern
value as such, not uv.
 
In solidarity, Jerry

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.* (capital I, p. 188.)

Dr. Steve Keen
Senior Lecturer
Economics & Finance
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School of Economics and Finance
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