Saturday, September 4, 2010
Karl Marx Explains the Labor Theory of Value
- The main points of the labor theory of value are stated here. It was said that the worker is just being paid enough to survive, while the extra goes to the employer. Out of the labor of the worker, the employer makes far more than what he pays the worker. This makes the employer richer and the worker becomes poorer.
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THIS IS A FAIR SUMMARY OF WHAT MARX SAID. THAT WAS INDEED HOW IT WAS DURING HIS TIME. BUT WITH THE RISE OF STRONG LABOR UNIONS, THE EMPLOYERS ARE COMPELLED MORE THAN SUBSISTENCE WAGES. HOWEVER, THE THEORY OF SURPLUS VALUE IS NOT REFUTED BY THIS FACT. EVEN IF THE EMPLOYERS PAY MORE, THAT IS STILL LESS THAN THE VALUED THE WORKERS HAVE CREATED.
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