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 Campbelltown, Building 11 Room 30, School of Economics and Finance UNIVERSITY WESTERN SYDNEY LOCKED BAG 1797 PENRITH SOUTH DC NSW 1797 Australia 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.uws.edu.au/steve-keen/
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