24. Karl Marx - Theory of Surplus-Value

Karl Marx’s theory of surplus-value is a pivotal point in the history of economic thought. Not only did Marx solve some of the thorny problems left over from Smith and Ricardo but having proved that capitalism was an exploitative system, he changed classical political economy. After Marx, those who supported capitalism entirely gave up on the labour theory of value. Marxism sounded the death knell of classical political economy. A new discipline of economics was developed after Karl Marx in such a way that even the possibility of exploitation was abstracted away from the theoretical framework.

[mohinderkumar]

Baba Karl Marx in Pakistan....😅😅
Where's one Baba-e-Koun Asim Munir, Mistry?

[thenuks]

Please make a full playlist for Das Kapital.

[faisalameer]

Dr taimur u portray karl marx very clearly ❤ I highly obliged your way of communication and knowledge ❤❤❤❤🎉🎉

[As-zckt]

Excellent explanation, sir please teach us das capital.

[uzairmughal]

Great work, sir! It's very heartening to see such content being produced by Pakistani academia for the broader public. I hope you continue to spread knowledge like this.

[harshithsubramaniam]

Sir, what book would you recommend for studying the History of Economic Thought?

[alkkkkkk]

Much awaited.

Also, sir you started reading to us the book Das Capital but left midway.

I am sure you're busy in your work but can you please continue the rest of it?
That really changed my perspective and the theory of surplus value blew my mind.

[AhmedChaudhryEcon]

Dr. Rahman, can you please share the reading list for this course?

[JawadArifAwan]

Dr taimur isn't in a good mood today despite giving lecture on Karl

[murtajil]

Listen juliet, Dr taimur is here with new video

[Anthems_for_unity]

Sir kindly share the slides in description.

[rainerlippert]

The LTV is flawed: only a buyer on the market can pay the surplus value.
Since, according to Marx, surplus value is part of value, value cannot exist until it is clear whether the entrepreneur succeeds in achieving surplus value for his product, and if so, to what extent.
Furthermore, the surplus value is not paid on the costs, as Marx describes it with W = c + v + m, but on the replacement of the costs W|real = c|replacing costs + v|replacing costs + s|real.
Further evidence that value is created in the market.

You can only produce the prerequisites for (good) surplus payments and values, but neither the surplus values nor the values themselves.

The value is assigned the same amount by both exchange partners on the market to both the goods and the value equivalent.

Since the value is assigned, it does not matter whether the necessary quality improvements to the raw materials and output products are achieved by human or mechanical labor or by parts of nature used as labor.

[waqaskhalil]

In simple terms (beginning points)connection of production is a place where an industry is established, forces of production is the labors who is working there, now combined these two things which make means of production which a capitalist own and like that they control the entirety of society. To my understanding correct me if I’m wrong.

[shaharyarsabeeh]

'Rate of exploitation' as Marxists say. How do we see it happening in real/ materialistic sense in a capitalist society? Like how does it present itself?

[reviewsviewsssaazs]

How do you define labor time if it is done by machines. On the top of it now robots and ai is used intensively. Where gone the labor time?

[syedzahidazahidabibi]

Aoa sir kindly make separate play list for philosophers

[saswatabiswas]

Ltv is dead already and exposed and rejected by main stream and neoclassical Utility replaced that

[usama]

Marx was kinda genius however, I'd put Keynes above him when it comes to Economics

[jtlachappelle]

God damn you guys….pick a fucking language!