What is the commodity you can buy that creates value?
Mr F and Rusty Foreman explain the generation of surplus value from consuming labour power. People are worked creating commodities beyond the value of the wage. Because the wage is spread out as an hourly rate it appears to the workers that they are getting and equivalent for the work they do,
Disclaimer. Please note- the capitalist always strives for the maximum rate of exploitation possible but unfortunately rates of exploitation may rise and fall. The suggestion through the use of a figure of speech that half a day is spent generating surplus value for Mr Fiend is an example, if he could get more he would. Rates of exploitation rise and fall with circumstances.
The time during which the labourer works, is the time during which the capitalist consumes the labour-power he has purchased of him.’ chap ten working vol 1 capital. Post Fordist World? Who makes your lap top?
Political Economy describes capital in general as “accumulated wealth” OH YES accumulated wealth……
this is converted surplus-value or revenue-
WHAT IS THIS?
Surplus Value is built up from the commodities people create in the hours and hours that people work for which they are not given an equivalent. Think of someone making cappuccinos. The first 100 they make in the first part of the day covers the value of the wage they are paid over the entire day. But they carry on making cappuccinos the whole working day.
Capital feeding. ‘Capital is dead labour, that, vampire-like, only lives by sucking living labour, and lives the more, the more labour it sucks.
The stolen accumulated capital is used “reinvested“ over and over again in the production of surplus-value,
-That is value created by people in the time they work BEYOND the value of the wage they are given whether it is making cappuccinos or lap tops.