Professional Documents
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Theories
Labor Theory Value
Surplus Value
Surplus Product
Exploitation
LABOUR THEORY OF VALUE
The value of a commodity can be objectively measured by the average
number of labor hours required to produce that commodity.
Although the labor theory of value is demonstrably false, it prevailed
among classical economists through the mid-nineteenth century.
Labor power is the worker’s capacity to produce goods and services.
Marx, using principles of classical economics, explained that the value of
labor power must depend on the number of labor hours it takes society,
on average, to feed, clothe, and shelter a worker so that he or she has
the capacity to work.
Surplus value
Surplus value is equal to the new value created by workers in excess of
their own labour-cost.
Surplus value is a central concept in Karl Marx's critique of political
economy. "Surplus value" is a translation of the German word
"Mehrwert", which simply means value added.
Surplus-value is the difference between the amount raised through a
sale of a product and the amount it cost to the owner of that product to
manufacture it.
Surplus Product
It is simply that part of what workers produced which they had to hand
over to the chief, landowner, the lord or the state, in the form of tax,
rent or tribute.
Surplus product is an economic concept explicitly theorised by Karl Marx
in his critique of political economy.
Exploitation
The act of using another person as a means to one's profit, without
providing them fair compensation..
Surplus Product
It is simply that part of what workers produced which they had to hand
over to the chief, landowner, the lord or the state, in the form of tax,
rent or tribute.
Surplus product is an economic concept explicitly theorised by Karl Marx
in his critique of political economy.
Exploitation
The act of using another person as a means to one's profit, without
providing them fair compensation..
Marx Theory on Society
Historical Materialism
Alienation
Mode of Production
Class Consciousness
Class Struggle
Historical Materialism
Historical Materialism Looks for the causes of developments and changes
in human society in the means by which humans collectively produce the
necessities of life.
Alienation
The workers loses the ability to determine his/her life & destiny in the
capitalist mode of production. There are 4 types of alienation:
Alienation of the worker from
• The work
• Working
• Himself as a provider
• Other worker
Class Consciousness
Refers to the belief that a person holds regarding one’s social class.
Class Struggle
Tension between different class of people:
• Bourgeoisie (Owner)
• Proletariat (Worker)
Maxism
The collective understanding of all those theories related to society,
economics & politics is called as Marxism.
Karl Marx contribution to the
Industrial Revolution
First to make people understand that the working people of the country
were the one who had the power.
Criticism
Over-concentration:
• Economically determinist
• Overlooked
Unscientific.
He believed that having all the money with only a few people and the
common working class person didn’t have enough, would lead to a
revolution to a classless society.
He started his life with a lot of money and when he was forced to move
to London he lived in poverty.
His theories have made people follow him and to overthrow their
government for the idea of equality.
Auguste Comteings
Born on January 20, 1798 in Montpellier, France.
Comte divided sociology into two main fields, or branches: social statics,
or the study of the forces that hold society together; and social
dynamics, or the study of the causes of social change.
Auguste Comteings
By using certain subjects of physics, chemistry, and biology, Comte
extrapolated what he considered to be a few irrefutable facts about society,
namely that since the growth of the human mind progresses in stages, so
too must societies.