dewinthemorning | Karl Marx - "Capital" - Labour Theory of Value @dewinthemorning | Uploaded June 2010 | Updated October 2024, 59 minutes ago.
In 1867 Marx published the first volume of "Capital" where he analyses the capitalist mode of production and exchange of commodities. He observes that there are two types of value, Use Value and Exchange Value. He observes that only human labour creates value. In order to be used as a measure for the exchange value of commodities, particular, concrete human labour has to be reduced to abstract labour time, expended in producing the commodity.
In 1867 Marx published the first volume of "Capital" where he analyses the capitalist mode of production and exchange of commodities. He observes that there are two types of value, Use Value and Exchange Value. He observes that only human labour creates value. In order to be used as a measure for the exchange value of commodities, particular, concrete human labour has to be reduced to abstract labour time, expended in producing the commodity.
