Economics Dictionary of ArgumentsHome
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| Surplus value: A. Surplus value in economics, according to Marxist theory, is the difference between the value produced by labor and the wages paid to workers. It represents the surplus extracted by capitalists from workers, forming the basis of profit and exploitation within capitalist economies.
B.According to Marxist theory, surplus value in economics is the difference between the value produced by labor and the wages paid to workers. It represents the surplus that the capitalists extract from the workers and which forms the basis for profit and exploitation in the capitalist economy._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Piero Sraffa on Surplus Value - Dictionary of Arguments
Kurz I 157 Surplus Value/Marx/Sraffa/ /Kurz: According to Sraffa, Marx's most remarkable and closely related achievements were the following: 1) Marx's representation of a given system of production in terms of his schemes of reproduction shared the same outlook as the circular flow approach of the physiocrats. >Physiocrats. 2) Closely related to this was Marx's concept of "Constant Capital," which expresses the fact that commodities are produced by means of commodities. This is why, as we shall see, Sraffa defended this concept against Bortkiewicz, who, starting from Dmitriev's "Austrian" representation of production as a linear flow of finite duration, had maintained that the concept was unimportant and could be dispensed with. >Austrian School, >Commodities. 3) In terms of his labor-value-based approach, Marx had been able, however imperfectly, to see through the complexities of the system under consideration and establish the fact that the rate of profits was bounded from above. In Marx's conceptualization, the maximum rate of profits that obtained when wage were nil was equal to L/C, that is, the ratio of total living labor expended during a year (L= V + S) and social constant capital (C). It was thus equal to the inverse of the "Organic Composition of Capital" of the system as a whole. Sraffa must have been especially flabbergasted when he found out that Marx in terms of what Sraffa called the former's "Value Hypothesis" had presupposed a fact which he, Sraffa, had sought to establish with his statistical "Hypothesis": both postulated that the ratio of social capital to social product was independent of the rate of profits. >Labor/Marx. 4) With the capital-to-output ratio being independent of the way in which the product is shared out between wages and profits, Marx had paved the way to the establishment of the inverse relationship between the rate of profits and proportional wages in a circular flow system. >Surplus Value/Marx. Kurz, Heinz D. „Keynes, Sraffa, and the latter’s “secret skepticism“. In: Kurz, Heinz; Salvadori, Neri 2015. Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). London, UK: Routledge._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Sraffa I Piero Sraffa Production of Commodities by Means of Commodities. Prelude to a Critique of Economic Theory (Cambridge: Cambridge University Press). Cambridge 1960 Kurz I Heinz D. Kurz Neri Salvadori Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). Routledge. London 2015 |
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