The Labour Theory of Value Explained, Again

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My old video on the Labour Theory Value isn't the best and shows a lack of knowledge-so this piece seeks to rectify it! In this video I look into Marx's Labour Theory of Value and some of the misconceptions that have arisen around it.

Texts Referenced:
Wage Labour and Capital by Karl Marx
Value, Price & Profit by Karl Marx
Critique of the Gotha Programme by Karl Marx
The Three Sources and Three Component Parts of Marxism by Vladimir Lenin

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It just isn't correct that profits are made by underpaying labour. If it was true, when a business goes bankrupt, the wages of the employees should go up as a result, not down. But the opposite is true.

lochnessmunster