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13. Value, Real Wealth and Circulation Time

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Chapter Summary

The circulation time of capital includes two stages of which it is the addition: the stage of the purchase of commodities intended for the productive process, and the stage of the sale of the produced commodities. Capital also spends time in the sphere of production. Marx calls this time 'production time'. Marx specifies that the means of production transmit to the products their exchange-value not only during the working time, but also during the production time more generally. The couple 'production time/circulation time' is related to the couple 'productive labour/unproductive labour'. The difficulty of distinguishing between unproductive and productive labour time has to do, first of all, with the determination of real wealth. The real economic wealth of a society, whatever its form, is a function of the objects that it produces and consumes, productively and individually, not of the objects produced and consumed in and for economic circulation.

Keywords: capital; circulation time; economic wealth; exchange-value; Marx; production time; productive labour; real economic wealth; unproductive labour



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