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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.
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 ...
Karl Marx [a] (German: [kaʁl ˈmaʁks]; 5 May 1818 – 14 March 1883) was a German-born philosopher, political theorist, political economist, historian, sociologist, journalist, and revolutionary socialist.
In summary, Marx's view of the dictatorship of the proletariat involved political experiments focused on dismantling state power and dispersing its functions among the workers. [27] The dictatorship of the proletariat was viewed as a form of transitional rule in which class struggle ended and the state became extinct. [28]: 29
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]
Thus Marx adopted a labour theory of value, as had his predecessors Ricardo and MacCulloch; Marx himself traced the existence of the theory at least as far back as an anonymous work, Some Thoughts on the Interest of Money in General, and Particularly the Publick Funds, &c., published in London around 1739 or 1740.
In The Poverty of Philosophy (1847), Marx equated Socialists and Communists as "theoreticians" of the proletarian class, analogous to the "economists", "scientific representatives" of the bourgeois class: "Just as the economists" - referring to the classical Political Economists - "are the scientific representatives of the bourgeois class, so the Socialists and Communists are the theoreticians ...