Lecture #3 Marxist Economics
Policy@McCombs
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The Quantitative Relationship Between Weaving and Watchmaking
The value of a commodity varies directly as the quantity and inversely as the productiveness of the labor incorporated in it. We don't mean any one type of labor, like the labor of a watchmaker or a weaver. The labor time socially necessary is that required to produce an article under the normal conditions of production. But let everyone else get a power loom and let me continue to produce on my hand loom. I may work for one full hour but the work I put in is worth only half an hour of socially necessary labor.
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