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According to Marx, absolute surplus value is obtained by increasing the amount of time worked per worker in an accounting period. [12] Marx talks mainly about the length of the working day or week, but in modern times the concern is about the number of hours worked per year.
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 ...
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 ...
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. The difference between these two values is the surplus-value generated.
In Capital, Vol. 1, chapter 9, section 4, Marx actually defines the capitalist surplus product exclusively in terms of the relationship between the value of necessary labour and surplus labour; at any one time, this surplus product is lodged simultaneously in money, commodities (goods), and claims to labour-services, and therefore is not simply ...
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]
This is an accepted version of this page This is the latest accepted revision, reviewed on 24 January 2025. Economic and sociopolitical worldview For the political ideology commonly associated with states governed by communist parties, see Marxism–Leninism. Karl Marx, after whom Marxism is named. Friedrich Engels, who co-developed Marxism. Marxism is a political philosophy and method of ...
All capitalist profit in Marxist–Leninist theory is based on exploitation (the business owners extract surplus value from the workers), but superprofit is achieved by taking exploitation above and beyond its normal level. In Marxism–Leninism, there are no profits that could result from an activity or transaction that did not involve ...