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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 ...
In these theories, surplus product and surplus value are equated, while value and price are identical, but the distribution of the surplus tends to be separated theoretically from its production; whereas Marx insists that the distribution of wealth is governed by the social conditions in which it is produced, especially by property relations ...
Whether or not this is consistent with the labor theory of value as presented in volume 1 has been a topic of debate. [55] According to Marx, surplus value is extracted by the capitalist class as a whole and then distributed according to the amount of total capital, not just the variable component. In the example given earlier, of making a cup ...
Rent as an economic category is regarded by Marx as one form of surplus value just like net interest income, net production taxes and industrial profits. [6] Marx's main texts on rent theory can be found in the second (edited) volume of Theories of Surplus Value and in Part 6 of Capital, Volume III.
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 ...
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 owners of the means of production (capitalists) constitute the dominant class (bourgeoisie) who derive its income from the exploitation of the surplus value. Surplus value is a term within the Marxian theory which reveals the workers' unpaid work.
In Theories of Surplus Value (1862–1863), he discusses the problem very clearly. [58] His first attempt at a solution occurs in a letter to Engels, dated 2 August 1862. [59] In Capital, Volume I (1867) [60] he noted that "many intermediate terms" were still needed in his progressing narrative, to arrive at the answer.