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

In: A Japanese Approach to Political Economy

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  • Thomas T. Sekine

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.

Suggested Citation

  • Thomas T. Sekine, 1995. "The Necessity of the Law of Value, Its Demonstration and Significance," Palgrave Macmillan Books, in: Robert Albritton & Thomas T. Sekine (ed.), A Japanese Approach to Political Economy, chapter 3, pages 34-43, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23817-0_3
    DOI: 10.1007/978-1-349-23817-0_3
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