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Eduncle posted an MCQ
October 18, 2019 • 16:59 pm 0 points
  • UGC NET
  • Political Science

Which of the following are features of Marx?s theory of surplus value ?

Which of the following are features of Marx?s theory of surplus value ? (a) It is an extension of Ricardo?s theory. (b) Labour power equals the brain, muscle and nerve of the labourer. (c) The value of every commodity is not proportional to the quantity or labour contained in it. (d) The worker must be paid a price proportional to the number of Labour hours that entered into its production. Select the correct answer from the code given below :

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  • Vibhuti

    surplus value included the differnce between the price at which producer sold the commodity and the price that the labourer got

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    Eduncle Best Answer

    1) The theory of surplus value is one of the significant contributions of Karl Marx to political science. It is discussed in his monument work "Das Capital" which showed the opaque side of capitalism and is ample testimony of worker's exploitation in capitalist society.
    2)  His theory is based upon the labour theory of value as Sabine remarks "the theory of surplus value was professedly an extension of the labour theory of value already stated by Ricardo and the classical economists".
    3) According to Marx, of the four elements of production viz., land, labour, capital and organization; only labour is the source of value. Every commodity was exchange value represented by price. However, workers get much less than what he produces.
     4) Much of it is appropriated by the capitalist. This difference between the exchange value of the manufactured commodity and the price paid to the worker for his labour is called surplus value.
    5) Under the socialist system the value of labour would be paid to the worker. Moreover, Marx emphasizes that "He who does not work, neither shall eat

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