The Necessity of the Law of Value, Its Demonstration and Significance

Thomas T. Sekine

Chapter 3 in A Japanese Approach to Political Economy, 1995, pp 34-43 from Palgrave Macmillan

Abstract: Abstract In paragraph 31 of his Principles Uno illustrates the labour-and-production process by means of the following numerical example: 6 kg. of raw cotton, one spinning machine, and 6 hours of labour produce 6 kg. of cotton yarn.1 It is assumed that no surplus labour is performed. It is also assumed that the 6 kg. of raw cotton embody 20 hours of labour, and the current depreciation of the spinning machine is worth 4 hours of labour. Hence the means of production already embody 24 hours of labour. This and the 6 hours of current labour thus produce the 6 kg. of cotton yarn which embody 30 hours of labour.

Date: 1995
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DOI: 10.1007/978-1-349-23817-0_3

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