Fundamentals of Marx: Surplus Labor and Value

The third installment in the Fundamentals of Marx series. This video is about surplus labor and value.

Special thanks to "Z" for contributing English and Spanish subtitles!

[Zhicano]

Ah I need a break from the hellsite reddit is this is perfect

[Kim-Pat]

Really good work summarizing Marx -- I find it interesting how you go for the angle of the widespread inequality that this system has created over time instead of the exploitation that it is in principle. I don't think your approach is bad, hopefully some people find it inspiring, but I'm worried that it may push people to want the 1973 capitalism instead of its abolition, ya know?

Really, though, great work! Looking forward to checking out your other videos

[dialecticalveganegoist]

Thanks makes that dense texts alot more understandable especially the extended formula helps alot

[BruceBanner-tnug]

Excellent video let’s do a sequel where we where we show how collusion and monopolies an inevitable conclusion and how surplus value shorts the money supply leading to market bustd or artificial inflation

[philipparker]

Capitalists who knowingly outsource labour power to the most grim (and cheapest) locations, *are* evil in my book. An intact moral compass would demand less profit or another career.

[alexanderthegreat]

Could you do a video on the “capitalism is voluntary” argument?

[hououinkyouma]

Watching this at 3AM in dark background hurts my eye but gotta learn theory

[suprithAnCom]

It's not a bug, it's THE feature.

[Guitarista]

I love your channel and I've been watching your videos for a few days. Being a beginner, I'm complementing the videos with Lenin's Three Components of Marxism. It's really helping me understand things better. I also love the fact that you engage with critical opinions in the comments section. Reading the comments provide more insight into the topic. Much love and thanks from Tamil Nadu, India. ❤️

[ZealotOfSteal]

Even using the presented framework, of course the worker needs to produce more value than they are paid.
The capitalist needs to pay taxes, buy raw materials, buy the means of production, pay bills for the workplace etc.

On top of that there was no consideration of risk. If a business goes under, the employee can find another job, but the employer has lost their investment into the business.

[ginabrown]

such a well-done video! as a math nerd, i love how involved the statistics you used were, and it make it very easy for me to follow along with hypothetical situations! I love this channel!

[RobinHerzig]

Really helpful. Not easily understood economic theory / practice. Simplifying it helps so much. Some things I need to watch 2 or 3 times to get it into my thick head. Thanx for making it make sense :)

[wedas]

The World Needs more of guys like You
Consistency is the secret for your success
God Bless

[pedroribeiroqueiros]

Great video! Keep up the good work! This notions are very important for anyone trying to understand capital and capitalism. Maybe explore the law of the tendency of profit to fall and how it ties to crises under capitalism, another feature of the system that is frequently sold as an anomaly.

[thefierce]

Thanks so much. I'm behind on my reading but I need to be able to discuss in class so this was practically perfect.

[losmilosmi]

thank you for teaching youngsters, and maybe you should be more audible when you record your voice

[CarolannJane]

Used this for my capitalism, race, & technology class. Thank you so much! I subscribed :)

[ellicecothern]

good vid except for the part where you said the capitalist isn't greedy

[hindigente]

These thorough, yet focused, explanations of very fundamental topics are very helpful. Most explanations out there are far too meandering for laymen like me to make sense of them.
I wish I could find similar content in other languages. If anyone knows of a francophone channel that similarly explores Marxist concepts, please let me know. :)

[bjrnhagen]

If the worker who makes t-shirts, stopped working after 4 hours (earning 20$), the output of t-shirts would decrease from 8 to 4, and if we use the same rigid mathematics as in this video, the price of each t-shirt would consequently rise up to 10$ due to a lower supply of t-shirts. Which means, for the capitalist, that sales revenue would still be 40$; and for the worker, that he must purchase more expensive t-shirts for the same salary as before. In other words, his standard of living has decreased.

If we on the other hand increase the workers' salary from 20$ to 40$ at 8 working hours, the price of t-shirts will be raised accordingly to 10$ due to customers increased purchasing power, and there will be no increase in the standard of living. Except, in this scenario, there is no means to maintain capital, and as machines wear out, one will not be able to maintain output. Thus, in the long run, the standard of living will decrease.

The third option (to comment on your last point), would be to increase the worker's productivity—through capital investment—from 8 t-shirts to, let's say 16, and if wages stays the same, 20$, each t-shirt would now go for 2.5$. Which means that the standard of living has increased.
The point here, disregard of how statistics can be used for anything, is to ask who consume all that increase in productivity if not the workers. Increased output is what increase real wages, i.e., we get more stuff for the same amount of money. That's why we today have PCs, phones, freezers, stoves, cars and many other products as opposed to before when these products were reserved for the rich.
Which brings us to the gap between rich and poor. The gap might be big in terms of assets and capital. However, these assets are locked into production which employs us and produces all the goods and services that we enjoy. Which again mean that, in terms of living standard, the gap between rich and poor is smaller. I.e., both rich and poor enjoy these same products, PCs, phones, etc.

(Bear in mind that economics is not this rigid and straightforwardly as I have not accounted for economies of scale, and how every marginal unit added to output affect prices and the maximization of profit).