A Synopsis of Marx’s Concept of “Value” and how “Abstract Labour” Determines the Magnitude of all “Exchange-Values” in a Non-arbitrary Way – at least according to Norm

Taking Sides

According to Marx, or perhaps not according to Marx, but according to the scholarship that has followed in the train of Marx’s theorizing, ‘labour’ determines the ‘exchange-value’ of commodities in a non-arbitrary manner.  I admit at the outset that I have not finished reading Capital, Volume 1, something that I am in the middle of doing.  I have therefore not yet come across anything in Capital, Vol.I –  or anywhere else, for that matter – that I could point to and say that ‘this’ is an adequate demonstration of how ‘labour’ informs or determines the magnitude of all ‘exchange-values.’  Nevertheless, I feel that I have already read enough of Capital to be able to anticipate how Marx might demonstrate that influence and determination, despite a slew of other factors actually contributing to temporary price fluctuations away from  a theoretically deduced ‘labour-determined’ mean to which ‘exchange-values’ will tend to revert or…

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