Understanding Marx: A Reconstruction and Critique of Capital by Robert Paul Wolff

Author:Robert Paul Wolff [Wolff, Robert Paul]
Language: eng
Format: epub, pdf
Tags: Economics
ISBN: 9780473240844
Publisher: Society for Philosophy & Culture
Published: 0101-01-01T00:00:00+00:00

As Marx analyses the problem, the situation is this: all workers earn the same money wage, and spend it on roughly the same market basket of goods. Consequently, all workers, regardless of what industry they are employed in, must on average work the same number of hours per day to reproduce their conditions of existence. Furthermore, the workday is the same length throughout the economy. Consequently, each worker puts in the same number of hours of surplus labour time each day – time during which he or she is creating surplus value that can be appropriated by the capitalist. Putting these assumptions together, we can conclude that in Marx’s terms, the ratio s/v, which he calls the rate of surplus value or rate of exploitation, is uniform throughout the economy.

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