Labor theory of value

The question of whether or not the free market is immoral begs the question of whether a system of trade can have morals in the first place. Capitalism, or the free-market, cannot be inherently immoral, but people do have the freedom to engage in immoral behavior within the free-market system if they so choose. Another way of asking whether or not the free-market is immoral is to ask how participation in the free-market both supports and corrodes our sense of morality. Capitalism, as an…

The Flawed Labour Theory of Value “Value theory is the core of Ricardo’s economics, and consequently the core of classical economics” (Senga, 2017, p.198). Having orientated Ricardo’s writing in the context of his predecessors and contemporaries, this essay hopes to have now highlighted the extent to which Ricardian thought developed naturally in line with classical economics. We shall now move to address two divisive elements of Ricardian thought, which are claimed to constitute a detour;…

the functions of capitalism. Capitalism is an economic system typified by privately owned corporations with little government restriction on trade. Exchange value and cost value are also analysed by Marx and the relationship between these values and capitalism. Exchange value refers to the market value of a product in a society and use value is the use of that product within said society (Sturken and Cartwright, 2001). Advertising emerged as the primary strategy for both creating and promoting…

that the fast food worker experiences. When opponents argue that the fast food worker should just get an education, that their jobs are only for starter jobs or teenagers. This negates the real financial need and the fact that anyone who sells their labor-power deserves to be able to have a minimum standard of living. Therefore, solidifies the alienation, and isolation felt by those working in the fast food industry. This causes the workers, who are just trying to fight for a wage that will…

subconsciously immersed into the constantly growing world of technology, with the internet, social media and global connectivity. This emergence of new media and technology has profound effects on society and individuals. Thus, bringing forth the theory of ‘the Culture Industry’ and its relevance today. The culture industry argument was developed by Adorno and Horkheimer and focuses on the effects of capitalist mass media and cultural commodities on society, and whether its effects are still…

shapes and forms but as society becomes more global money has undergone an evolution. Money has evolved from special purpose to a more general-purpose form, which can be traded across boarders and for a variety of goods and services at an established value. Special purpose money as a result has began to disappear as the use of general-purpose money becomes more necessary to obtain goods from the developing global market, in specific reference to the increasing popularity of the capitalist…

on any commodity is decided on the outcome of the tension between necessary labor time and surplus labor time.[1] Necessary labor time refers to the amount of labor required for the worker to reproduce themselves as a commodity. That is to say, it is how much money a worker needs to continue performing their tasks as a laborer. Generally, Marx notes the wages a worker accepts reflect the monetary value of necessary labor time. However, to profit, companies need a worker to work more than…

maintain and grow his legal practice. Relinquishing his stigma did not however remove the awareness that Marx had in regard to the construct of society and classes. This awareness spurned a series of political, social, and, perceived, radical ideals and theories that made him an enemy of many land; including his homeland of Prussia. Keenly affected by the mistreatment of the poor by the government and peasant…

manipulation of consumers, pseudo-individualism and commercial marketing in order to accomplish an economic and social status. Within Adorno and Horkheimer’s theory, there are three major concepts that have increased the development of the cultural industry and the behaviour of consumers, this involves discussing the transformation of use value to exchange value, reification and commodification, and whether these three key concepts are harmful and a disadvantage towards the behavior of…

duality of use value and value is where the rest of the components derive from. Use value is the intrinsic component to a commodity that it has been predisposed to. It is a qualitative value because it consists of the specific qualities that the commodity has and since each commodity has different use-values one use-value cannot be like the other. It is defined by itself and can explain itself. Value on the other hand, is the form of appearance of exchange value. Exchange value is the…