While the first part merely replaces previously existing values, it is evident that the replacement of the wages and the surplus (the profit of capital) are as a whole taken out of the new value, which is produced by the labor of the worker and added to the raw materials. And in this...
According to the second theory, the employment relationship is based on a transaction establishing the conditions for the worker's subordination to the capitalist and the subsumption of his productive capacity under capital. This is an illuminating anticipation of the modern theory which considers the ...
You can see why they might make this mistake. The theory of exploitation claims that workers do not receive full compensation for the value of their labor, and it’s true that when productivity increases faster than wages, the amount of exploitation (in the Marxist sense of that term) ...
There are advantages and weaknesses of all methods of research. How does a command economy differ from a mixed market economy? Assume the firm hires the cost-minimizing combination of labor and capital. The marginal product of the last worker is 60...
On Sept. 21, Businessweek magazine published the following excerpt of Mary Gabriel’s new book, Love and Capital: Karl and Jenny Marx and the Birth of a Revolution. Meanwhile the labor that produced the rich man’s wealth robbed the worker of his lifeblood: “It produces palaces — but for...
KARL MARXOnce we shift the intension of the concept of wage-labour from juridical attributes of negative ownership and contractual freedom to the actual performance of capital-positing labour, the extension of the concept – the cases that fall under it – changes as well. Once the concept of ...
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The wage-fund theory held that wages depended on the relative amounts of capital available for the payment of workers and the size of the labour force. Wages increase only with an increase in capital or a decrease in the number of workers. Although the size of the wage fund could change ...
social system of production that does not recognize the production and reproduction of the worker as social-economic activity, and a source of capital accumulation, but mystifies it instead as a natural resource or a personal service, while profiting from the wageless condition of the labor ...
2. Capital Accumulation, Rural Class Differentiation and Adverse Incorporation The African (Sub Saharan) agricultural system is characterized by family farms, small scale or peasant mode of production. Farming has been built on a resource base—land, seeds, livestock, fisheries, water, family labour...