Class 15: Chapter 15: Increase and Decrease in LP and SV & Chapters 17-20: Wages

The lecture provides a rigorous and detailed analysis of Marx’s economic concepts, particularly the relationship between labor power and surplus value. North’s explanation of the inverse variation and the law of diminishing returns is clear and logically sound, grounded in the text of Capital. He effectively uses examples and responds to student questions, clarifying distinctions such as between intensity and productivity. The argumentation is solid, though it remains within a Marxist framework, which may not engage with alternative economic theories. The sources cited are limited to the Princeton University Press edition of Capital, which is appropriate for a course lecture. The title accurately reflects the content, and the lecture is well-structured. However, the presentation is dense and assumes prior knowledge, making it less accessible to beginners. The lack of visual aids or supplementary materials might hinder comprehension for some. Overall, the lecture is of high scholarly quality, offering deep insights into Marx’s analysis, but its narrow focus and theoretical orientation may limit its broader applicability.

The title accurately reflects the content, covering Chapter 15 and previewing Chapters 17-20 on wages.

8/10

Lecture by a Yale professor, based on a critical edition of Marx's Capital, with rigorous textual analysis and logical exposition. The content is scholarly and well-structured, though it represents an interpretive reading rather than empirical verification.

Markers derived by PSI from the transcript: the creator did not define chapters.

• 00:00Introduction to Chapter 15, focusing on productivity and surplus value.
• 02:00Explanation of the inverse relationship between labor power and surplus value.
• 05:00Discussion of the law of diminishing returns in reducing labor costs.
• 10:00Clarification of the difference between intensity of labor and productivity.
• 15:00Analysis of the effects of varying intensity and extension of the working day.
• 20:00Introduction of the 'satanic ratio' and its implications for workers.
• 25:00Discussion of the potential for shortening the working day under socialism.
• 30:00Preview of Chapters 17-20 on wages.

• Capital: Critique of Political Economy, Volume 1 (Princeton University Press) — The critical edition used for the course, co-edited by Paul North.
• Course playlist on YouTube — Link to other lectures in the course.

• Marx's Capital Volume I (Penguin Classics) — Standard edition of Capital, often used for reference.