/marx/ - Marxism

Basically the value of a commodity is represented by the average labor time socially necessary to produce it. So if the average worker produces 1 clock every 2 hours, then each clock embodies 2 hours worth of value. Under capitalism, the workers produce a certain amount of value by working, but they only receive of a fraction of the value they produce in exchange.

So if a worker works 8 hours a day and produces 4 clocks, in wages he will only receive enough money to buy 2 of the clocks that he produced. The lost value goes to the capitalist, in the form of the clocks themselves and the capitalist then sells the clocks for, on average, their value. This surplus labor extracted by the capitalist from the worker is the source of the capitalist's profit.

This will probably be helpful: http://www.dreamscape.com/rvien/Economics/Essays/LTV-FAQ.html

>>1293
So basically the profit the capitalist takes from the worker?

>>1295
Yep.

Another useful link: http://encyclopedia2.thefreedictionary.com/surplus+value

>>1296
Thnak you very much!