Law of Value 1: Intro (Addendum)
brendanmcooney | April 27, 2010
This is a brief Addendum to the Introduction to my Law of Value video series. It gives some advice on how to watch these videos, cautioning to think critically about the way we contextualize information online.
Full text at:
https://kapitalism101.wordpress.com/2010/04/28/law-of-value-introduction/
***
Marx Quiz
Apr 27, 2010
Here’s a brief true-false quiz about Marx’s theory of value. This is to advertise my video series “The Law of Value” which will be appearing, one video at a time, over the next several months.
True False Quiz:
1. Marx’s theory of value holds that any human labor creates value.
2. For Marx, value and price are the same thing.
3. Marx’s theory of value is the same as his predecessor David Ricardo.
4. Marx didn’t believe the forces of supply and demand were relevant to explaining value.
5. Marx’s theory of value is a theory of what workers should get paid.
6. Marx’s theory of value was a theory about how a communist society should be run.
7. Marx didn’t think consumer demand played a role in prices, value or other economic phenomena.
8. Marx’s theory of value doesn’t work in free markets.
9. Marx’s theory of value can’t explain why useless things like mudpies don’t have value.
10. Marx hated babies.
***
Law of Value 1: Introduction
Apr 27, 2010
This is an Introduction to a series of videos about Karl Marx’s Theory of Value.
FAQ:
Q: Karl Marx? I thought he was a has-been.
A: Forget everything you thought you knew. It’s time for some fresh air.Q: What the hell is value?
A: When you work you are not producing in order to fulfill your own needs. You are producing so that someone can make a profit. Society is structured toward producing economic value, not meeting society’s needs. What happens to a world in which all production is subsumed by value production? Marx wanted to answer this question.Q: I think of value as being a subjective estimation of the worth of something.
A: That’s not a question, but I’ll answer it anyway. That is a different definition of value. People do place subjective valuations on things in the market. But these subjective estimations are structured by a much larger world of “value creation” in which people are working in order to produce things for market exchange. Marx saw that it was this unique structure of production (production for exchange) that was key to understanding capitalism. The fact that we must ration our labor efficiently to produce the commodities society demands means that it is the productivity of labor which underlies our subjective estimations of value, turning seemingly disparate and atomistic consumer decisions into long-term, objective price movements.Q: Hasn’t Marx’s theory of value been discredited?
A: No. Only misunderstood.Q: Why should I care about this?
A: Because we still live in a capitalist society and because Marx is the only thinker to develop a thorough critique of the social relations of a capitalist society and because we are living in a time of ideological crisis and because we can’t have a left without a critique of capitalism….Q: How do you have time to make all of these videos.
A: I don’t. I’m looking for a video producer to help me finish the series. Any takers?
from the archives:
Law of Value 2: The Fetishism of Commodities by Brendan M. Cooney
Law of Value 3: Das MudPie by Brendan M. Cooney
Law of Value 4: Use-Value, Exchange Value, Value by Brendan M Cooney
Law of Value 5: Contradiction by Brendan M. Cooney
Law of Value 6: Socially Necessary Labor Time by Brendan M. Cooney
Law of Value 7: Production and Exchange by Brendan M. Cooney
Law of Value 8: Subject/Object by Brendan M. Cooney
Pingback: Brendan M. Cooney’s Law of Value Series: Part 1: Introduction + Marx Quiz – Dandelion Salad
Pingback: Who Is Karl Marx, The Critic? by The Anti-Social Socialist – Dandelion Salad
Pingback: Definitions: The Bourgeois by Gaither Stewart – Dandelion Salad
Pingback: Communist Manifestoon – Dandelion Salad
Pingback: Creating Wealth through Debt: The West’s Finance-Capitalist Road by Michael Hudson – Dandelion Salad
Pingback: Happy 200th Birthday Karl Marx! – Dandelion Salad
Pingback: David Harvey: What is Neoliberalism? – Dandelion Salad
Pingback: The Communist Manifesto by Karl Marx and Friedrich Engels – Dandelion Salad
Pingback: Michael Hudson: This Is Risking A Threat Of War | Dandelion Salad
Pingback: Understanding Marx by William T. Hathaway | Dandelion Salad
Pingback: Noam Chomsky on Communism, Revolutionary Violence, the American Left and Slavoj Zizek | Dandelion Salad
Pingback: Vijay Prashad: Questioning the Underlying Structures of Property and Power is “Off the Table” | Dandelion Salad
Pingback: Vijay Prashad: Marx and Tolstoy Helped Me See the Limits of Liberalism | Dandelion Salad
Pingback: Law of Value 10: Price and Value by Brendan M. Cooney « Dandelion Salad
Pingback: Law of Value 9: Abstract Labor by Brendan M. Cooney « Dandelion Salad
Pingback: Veblen’s Institutionalist Elaboration of Rent Theory by Michael Hudson « Dandelion Salad
Pingback: Law of Value 8: Subject/Object by Brendan M. Cooney « Dandelion Salad
Pingback: Simon Patten on Public Infrastructure and Economic Rent Capture by Michael Hudson « Dandelion Salad
Pingback: Richard Wolff: Marxism as an option « Dandelion Salad
Pingback: Law of Value 7: Production and Exchange by Brendan M. Cooney « Dandelion Salad
Pingback: Marx’s theory of working-class revolution by Alan Maass « Dandelion Salad
Pingback: Commonwealth Games Fiasco: What do you expect from capitalist super exploitation? « Dandelion Salad
Pingback: Law of Value 6: Socially Necessary Labor Time by Brendan M. Cooney « Dandelion Salad
Pingback: Law of Value 5: Contradiction by Brendan M. Cooney « Dandelion Salad
Pingback: Law of Value 4: Use-Value, Exchange Value, Value by Brendan M Cooney « Dandelion Salad
Pingback: Law of Value 3: Das MudPie by Brendan M. Cooney « Dandelion Salad
Pingback: Law of Value 2: The Fetishism of Commodities by Brendan M. Cooney « Dandelion Salad