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Wage Labour and Capital" (German: Lohnarbeit und Kapital) was an 1847 lecture by the critic of political economy and philosopher Karl Marx, first published as articles in the Neue Rheinische Zeitung in April 1849. [1] It is widely considered the precursor to Marx's influential treatise Das Kapital. [2]
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 ...
This increase in real wages could nevertheless be accompanied by decrease in the labor share, and an increase in the power of the capitalist class. A Marx had recognized as early as Wage Labour and Capital (1847): "If capital grows rapidly, wages may rise, but the profit of capital rises disproportionately faster. The material position of the ...
Marx argued that capital existed incipiently on a small scale for centuries in the form of merchant, renting and lending activities and occasionally also as small-scale industry with some wage labour (Marx was also well aware that wage labour existed for centuries on a modest scale before the advent of capitalist industry).
By 1857, Marx had accumulated over 800 pages of notes and short essays on capital, landed property, wage labour, the state, and foreign trade, and the world market, though this work did not appear in print until 1939, under the title Grundrisse der Kritik der Politischen Ökonomie (English: Outlines of the Critique of Political Economy).
The most common form of wage labour currently is ordinary direct, or "full-time". This is employment in which a free worker sells their labour for an indeterminate time (from a few years to the entire career of the worker), in return for a money-wage or salary and a continuing relationship with the employer which it does not in general offer ...
Joan Robinson, who herself was considered an expert on the writings of Karl Marx, [73] wrote that the labor theory of value was largely a tautology and "a typical example of the way metaphysical ideas operate". [74] In ecological economics, the labor theory of value has been criticized, where it is argued that labor is in fact energy over time ...
The distinction between labour and labour-power, according to Marx, helped to solve a problem that David Ricardo had failed to solve, i.e. explaining why the surplus value resulting from profit normally arises out of the process of production itself—rather than in the investment of capital (e.g. the advance of money-capital in the form of ...
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