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The law of the value of commodities (German: Wertgesetz der Waren), [1] known simply as the law of value, is a central concept in Karl Marx's critique of political economy first expounded in his polemic The Poverty of Philosophy (1847) against Pierre-Joseph Proudhon with reference to David Ricardo's economics.
From each according to his ability, to each according to his needs" (German: Jeder nach seinen Fähigkeiten, jedem nach seinen Bedürfnissen) is a slogan popularised by Karl Marx in his 1875 Critique of the Gotha Programme. [1] [2] The principle refers to free access to and distribution of goods, capital and services. [3]
Marx concludes that as value is determined by labour, and as profit is the appropriated surplus value remaining after paying wages, that the maximum profit is set by the minimum wage necessary to sustain labour, but is in turn adjusted by the overall productive powers of labour using given tools and machines, the length of the workday, the ...
The expanded value-form expression really represents only an extension of the simple value form, where products alternate as relative and equivalent forms in order to be equated to each other. Marx argues that, as such, the expanded form of value is practically inadequate, because to express what any commodity is worth might now require the ...
For Marx, class antagonisms under capitalism—owing in part to its instability and crisis-prone nature—would eventuate the working class's development of class consciousness, leading to their conquest of political power and eventually the establishment of a classless, communist society constituted by a free association of producers. [5]
Therefore, Marx implies, the exchange process itself involves the making of a real abstraction, namely abstraction from (or indifference to) the particular characteristics of concrete (specific) labour that produced the commodities whose value is equated in trade. At first, the relationship between quantities of traded commodities symbolically ...
19th-century German philosopher Karl Marx, the founder and primary theorist of Marxism, viewed religion as "the soul of soulless conditions" or the "opium of the people". According to Marx, religion in this world of exploitation is an expression of distress and at the same time it is also a protest against the real distress.
The Economic and Philosophic Manuscripts of 1844 (German: Ökonomisch-philosophische Manuskripte aus dem Jahre 1844), also known as the Paris Manuscripts [1] (Pariser Manuskripte) or as the 1844 Manuscripts, [1] are a series of unfinished notes written between April and August 1844 by Karl Marx.