Question

On page 16 of Capital, Marx writes that “that which determines the magnitude of the value of any article is the amount of labor socially necessary, or the labor-time socially necessary for its production.” Based on the distinction between “concrete” labor and “abstract” labor, how does Marx reach the above conclusion? Explain.

Answer 1

When referred to the book,

There was an initial example that clearly explains this issure. In England, the introduction of Powerlomm weavers have reduced the labor time to half where the clorth that has to be weaved in an hour is actually weaved in half an hour. So the labor were paid only half the time service amount. Therefore he argues that it is not the amount of labor necessary for the production that determines the magnitude but it isthe socially useful time of the labor which is used for the production purposes.