Theory of surplus value | Wikipedia audio article
Channel: wikipedia tts
Date: 2018-12-31

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Surplus_value


00:02:00 1 Theory
00:05:16 2 Definition
00:07:15 3 Interpretations
00:09:56 4 Equalization of rates
00:12:20 5 Appropriation from production
00:14:04 6 Absolute vs. relative
00:16:04 7 Production versus realisation
00:19:01 8 Relation to taxation
00:21:26 9 Relation to the circuits of capital
00:25:59 10 Measurement
00:28:48 11 Different conceptions
00:32:34 12 Morality and power
00:38:38 13 See also



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SUMMARY
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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 (sales revenue less the cost of materials used up), and is cognate to English "more worth". 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: i.e. the amount raised through sale of the product minus the cost of the materials, plant and labour power. Conventionally, value-added is equal to the sum of gross wage income and gross profit income. However, Marx uses the term Mehrwert to describe the yield, profit or return on production capital invested, i.e. the amount of the increase in the value of capital. Hence, Marx's use of Mehrwert has always been translated as "surplus value", distinguishing it from "value-added". According to Marx's theory, surplus value is equal to the new value created by workers in excess of their own labor-cost, which is appropriated by the capitalist as profit when products are sold.Marx thought that the gigantic increase in wealth and population from the 19th century onwards was mainly due to the competitive striving to obtain maximum surplus-value from the employment of labor, resulting in an equally gigantic increase of productivity and capital resources. To the extent that increasingly the economic surplus is convertible into money and expressed in money, the amassment of wealth is possible on a larger and larger scale (see capital accumulation and surplus product).