3 years ago

Thanks to Comrade Lucas for this excellent economics video. The first of many, no doubt.

Timestamps:
00:00 Intro
00:23 Why LTV is necessary
02:25 Federal reserve debasing currency
03:24 Notion ofa useless class
04:34 Outline of video
06:09 Must there be different forms of labour of products are exchanged with different amounts of time put into them?
07:40 Does running a business count as labour?
08:49 Labour is what gives value in exchange as the common thing between different objects
09:42 Both objects cannot be equated by same use value to both parties
11:30 The only thing in common between different products is labour
11:25 Price is based on socially necessary labour required
12:53 Money as a universal commodity
14:30 Money is social recognition of labour put into a commodity
15:10 To have different use values, products in exchanged must be produced by different kinds of labour
16:05 Is it something else quatung items with different labour times?
17:48 Socially necessary time is average for all workers
18:40 Advanced labour is the multiplication of simple labour
21:02 It is not the case that the longer it takes to make something the more the maker should be paid
22:06 Closing word from the Chairman
23:13 Outro