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.

Transcript

Play full episode

Remember Everything You Learn from Podcasts

Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.