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Theories of Surplus Value (German: Theorien über den Mehrwert) is a draft manuscript written by Karl Marx between January 1862 and July 1863. [1] It is mainly concerned with the Western European theorizing about Mehrwert (added value or surplus value ) from about 1750, critically examining the ideas of British, French and German political ...
Hence, Marx's use of Mehrwert has always been translated as "surplus value", distinguishing it from "value-added". According to Marx's theory, surplus value is equal to the new value created by workers in excess of their own labor-cost, which is appropriated by the capitalist as profit when products are sold.
The value of labor, in this view, covered not just the value of wages (what Marx called the value of labor power), but the value of the entire product created by labor. [ 18 ] Ricardo's theory was a predecessor of the modern theory that equilibrium prices are determined solely by production costs associated with Neo-Ricardianism .
The surplus value/product is the materialized surplus labour or surplus labour time while the necessary value/product is materialized necessary labour in regard to workers, like the reproduction of the labour power. [6] Marx called the rate of surplus value an "exact expression of the degree of exploitation of labour power by capital". [11]
In Marx's theory, however, [23] land rents do not simply reflect a property income gained from the ownership of an asset, but are a real element of surplus value and consequently of the value product, insofar as those rents are a flow of earnings which must be paid out of the new value created by the current production of primary products on ...
In this regard Marx distinguishes value as the natural price of a commodity through the labour power invested in it, which forms an upper limit to wages, and the rate of profit as the ratio between the surplus value left to the capitalist after paying the wage, and the wage itself, thus excluding investments in capital prior to production, and ...
Some basic modern criticisms of Marx's theory can be found in the works by Pearson, Dalton, Boss, Hodgson and Harris (see references). The analytical Marxist John Roemer challenges what he calls the "fundamental Marxian theorem" (after Michio Morishima) that the existence of surplus labour is the necessary and sufficient condition for profits ...
With Paul Sweezy, Baran elaborated the importance of this innovation, its consistency with Marx's labor concept of value and supplementary relation to Marx's category of surplus value. [50] According to Baran's categories: Actual economic surplus: "the difference between what society's actual current output and its actual current consumption."