Absolute and Relative Surplus Value - Seminar
ABSOLUTE AND RELATIVE SURPLUS VALUE: A REVIEW ESSAY
In contemporary social science, the concept of “value” has attained currency in such disciplines like Economics, Sociology, Political science etc. in these disciplines, value is considered as those essentials needed by members of a society. It is further seen as scarce resources pursued by competing groups.
Value in political economy, basically refers to that portion that creates wealth or the so called reward for the “risk taker”, the entrepreneur. In other words, value refers to that unpaid labour of the worker which the capitalist pockets or recapitalizes. It should be noted that, the concept of value is an integral part of the labour process in general, capitalist commodity production, wear and tear of the working class and of course class antagonism. In essence, the concept of value (Absolute and Relative) cannot be understood without recourse to the mode of production that brings it about as well as the nature of social relations of production.
Under capitalism, labour power becomes a commodity and like any commodity, it has its value and use value. The value of any commodity like labour power is determined by the expenditure of social labour on its production and reproduction. Therefore, surplus value is derived from surplus labour of a worker. The worker creates a value which the owner of the means of production appropriates without compensation.
Marx’s Das Capital not only revealed the exploitation surrounding the extraction of surplus value, he as well revealed the degree and ratio of exploitation involving the labour power of the workers. In this direction, he maintained that that surplus value can be categorized into “Absolute and Relative”. With this, Marx gives an analogy of how the value of labour power is used in extending capital. A school master is a productive labour or his labour power becomes of value when he finds himself in a school factory, that he must ensure that teaching and
In contemporary social science, the concept of “value” has attained currency in such disciplines like Economics, Sociology, Political science etc. in these disciplines, value is considered as those essentials needed by members of a society. It is further seen as scarce resources pursued by competing groups.
Value in political economy, basically refers to that portion that creates wealth or the so called reward for the “risk taker”, the entrepreneur. In other words, value refers to that unpaid labour of the worker which the capitalist pockets or recapitalizes. It should be noted that, the concept of value is an integral part of the labour process in general, capitalist commodity production, wear and tear of the working class and of course class antagonism. In essence, the concept of value (Absolute and Relative) cannot be understood without recourse to the mode of production that brings it about as well as the nature of social relations of production.
Under capitalism, labour power becomes a commodity and like any commodity, it has its value and use value. The value of any commodity like labour power is determined by the expenditure of social labour on its production and reproduction. Therefore, surplus value is derived from surplus labour of a worker. The worker creates a value which the owner of the means of production appropriates without compensation.
Marx’s Das Capital not only revealed the exploitation surrounding the extraction of surplus value, he as well revealed the degree and ratio of exploitation involving the labour power of the workers. In this direction, he maintained that that surplus value can be categorized into “Absolute and Relative”. With this, Marx gives an analogy of how the value of labour power is used in extending capital. A school master is a productive labour or his labour power becomes of value when he finds himself in a school factory, that he must ensure that teaching and