Buy Essay The Surplus Value
The concept of surplus value is a central tenet of Marxist economic theory, which argues that the value of goods and services is created by the labor that goes into producing them. Surplus value refers to the difference between the value of the goods delivered and the amount paid to the workers who produce them. The capitalist system is designed to extract surplus value from workers, resulting in profits for the owners of capital.
The knowledge that the capitalist buys the use value and combines it with the already acquired means of production to have a commodity with an exchange value is relational to my work as all the cases I have participated in their research are valuable and invite exorbitantly high value reflected in the legal fees paid by the client. In fact, the exchange value of a single case is many folds higher than our labor force rewards – paid as wages and allowances.
The employer derived profit from the money that remained after paying the lawyers the legal fees, which Marx termed surplus value. Therefore, as an intern whose power in action helped in producing a successful case, I did not receive equal rewards for my skills and time. The efforts of making the final product were my use value, which the employer exchanged for profit.
The Concept of Surplus Value
The capitalist system is based on the exploitation of labor. Workers are paid a wage that is lower than the value of the goods and services they produce. This difference between the value of the labor and the value of the goods produced is the surplus value. In other words, the surplus value is the amount of value that is created by the workers but not paid to them. This surplus value is the source of profits for the capitalist.
Marx argued that the capitalist system is designed to extract as much surplus value from workers as possible. This is done through the competitive labor market, where workers are forced to sell their labor power to the highest bidder. Because there are always more workers than jobs, wages are kept low, and workers are forced to work longer hours to make ends meet. The surplus value extracted from workers is then used to invest in new technology, expand production, or pay dividends to shareholders.
Marx also argued that the surplus value extracted from workers is the root cause of the economic inequality in capitalist societies. The capitalist class is able to accumulate wealth and power through the exploitation of labor, while the working class is left with little to no control over their own lives. This economic inequality creates social and political tensions that can lead to conflict and unrest.
The concept of surplus value is a fundamental concept in Marxist economic theory. It refers to the value created by workers that are not paid to them but are instead used to generate profits for the capitalist class. The extraction of surplus value from workers is a key feature of the capitalist system and is the root cause of economic inequality and social unrest. By understanding the concept of surplus value, we can gain a deeper understanding of the workings of the capitalist system and the challenges it poses to workers and society.