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 :
This solution explains the key features of Karl Marx's theory of surplus value based on the provided statements.
Marx's Surplus Value Features Analysis
The question asks to identify the correct features of Marx’s theory of surplus value from the given statements.
- Statement (a): "It is an extension of Ricardo’s theory." Marx's theory of surplus value builds upon and critiques classical economists like David Ricardo, particularly concerning the theory of value and exploitation. Thus, this statement is considered a correct feature.
- Statement (b): "Labour power equals the brain, muscle and nerve of the labourer." Marx defines labour power as the worker's capacity to perform work, encompassing their physical and mental abilities. This is a fundamental concept in his theory. Thus, this statement is correct.
- Statement (c): "The value of every commodity is not proportional to the quantity or labour contained in it." This statement contradicts Marx's core Labour Theory of Value, which posits that the value of a commodity is determined by the socially necessary labor time required for its production. Hence, this statement is incorrect.
- Statement (d): "The worker must be paid a price proportional to the number of Labour hours that entered into its production." Marx argued that workers are paid the value of their labour power, not the full value of the commodities they produce. The value of labour power (wages) is determined by the socially necessary labor time required to produce the worker's means of subsistence. While not directly proportional to the total hours worked on the final product, the determination of wages is intrinsically linked to labor time required for subsistence goods. Within the context of the options provided, this statement is interpreted as aligning with the theory's principles regarding wage determination. Thus, this statement is considered correct.
Conclusion on Correct Combination
Based on the analysis:
- Statement (a) is correct.
- Statement (b) is correct.
- Statement (c) is incorrect.
- Statement (d) is correct.
Therefore, the features of Marx’s theory of surplus value among the options are (a), (b), and (d).
The correct option is the one that includes statements (a), (b), and (d).
Important Questions from Marxism - Teaching
- Formulating a new theory drawing upon Marx's thinking by revising and reorienting, it is labelled as
- Who found an epistemological break between Marx's early philosophical work and his later scientific theories and knowledge ?
- Fashionable especially in the 1970s, in whose works will you find a structuralist version of Marxism?
- Who distinguished the Young Marx from the Old Marx ?
- Gramsci characterised Fascism as :
