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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 ...
Johann Karl Rodbertus developed a theory of surplus value in the 1830s and 1840s, notably in Zur Erkenntnis unserer staatswirthschaftlichen Zustände (Toward an appreciation of our economic circumstances, 1842), and claimed earlier priority to Marx, specifically to have "shown practically in the same way as Marx, only more briefly and clearly ...
Marx observed that in practically every successful industry, input unit-costs are lower than output unit-prices. Marx called the difference "surplus value" and argued that it was based on surplus labour, the difference between what it costs to keep workers alive, and what they can produce. [81]
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 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 .
According to Marx, capitalists desire profit or surplus-value. [16] However, no surplus value can be created naturally. The labor process simply transforms value from one form into another. Thus, according to Marx, the only way for the capitalist to gain surplus-value is by paying the workers' exchange-value, not their use-value.
Marx's first analysis of what surplus labour means appeared in The Poverty of Philosophy (1847), a polemic against the philosophy of Pierre-Joseph Proudhon. [1] A much more detailed analysis is presented in the volumes of Theories of Surplus Value and Das Kapital.
The divergence between surplus value realised and surplus value produced becomes even more marked if surplus value is viewed in terms of the net incomes of social classes, i.e. net labor income and net property income. [2] Marx identified five different formulae for the rate of surplus value (see surplus value). [3]