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Labor power - Assignment Example

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According to Marx’s labor theory of value, the laborer deserves all the profits and when taken by capitalists, the workers. Borrowing ideas from Adam Smith, Marx argued that the importance of a commodity manifests…
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Labor power
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Labor power

Download file to see previous pages... The intrinsic value of a commodity, which is labor related, determines its exchange value, a concept he calls “the law of value.” are robbed of their rightful sweat. This is indeed the reason why Marx called for the elimination of profits and for workers to conquer of capitalists. the value of labor-power manifests as subsistence means.
According to Marx, profit originates from exploitation of workers by capitalists. He explained that profits result when capitalists pay workers less than the actual value they add to the commodities they produce. Marx explains the main distinction between societies by arguing that the difference in the “mode in which the surplus-labor is in each case extracted from the actual producer, the laborer” (Marx and Engels 241). Despite the fact that capitalist workers, they (workers) cannot stop to work because they have no choice. Workers own labor but lack the means like tools, and raw materials to execute labor. For them to acquire these resources, they have no alternative but to sell their labor-power to the exploitative capitalists. In Marx’s model, profits keep falling because of increased efficiency in production, which translates to less labor utilization and spending more on labor-saving, efficient machinery. As such, the capitalists own attempt to increase profit result into falling rate of ...Download file to see next pagesRead More
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