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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 ...
He proves that this theorem is logically false. However, Marx himself never argued that surplus labour was a sufficient condition for profits, only an ultimate necessary condition (Morishima aimed to prove that, starting from the existence of profit expressed in price terms, we can deduce the existence of surplus value as a logical consequence).
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 ...
The rate of surplus value is a ratio of surplus labour time (s) to necessary labour time (v). Marx also refers to the rate of surplus value (s/v) as the rate of exploitation. Capitalists often maximise profits by manipulating the rate of surplus value, which can be done through the increase of surplus labour time.
At the heart of the argument is the labour theory of value and the related premise that profit represents surplus value created by labour working above and beyond the amount needed to reproduce itself, as represented by wages and the buying power of wages viz. the price of commodities (particularly necessities). In other words, profit is what ...
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]
[60] [61] Keen responds by arguing that the labor theory of value only works if the use-value and exchange-value of a machine are identical, as Marx argued that machines cannot create surplus value since as their use-value depreciates along with their exchange-value; they simply transfer it to the new product but create no new value in the ...