1. Marxist Economics
Here is an example of how the labor theory of value works: A worker in a factory is given $30 worth of material, and after working 3 hours producing a good, and using $10 worth of fuel to run a machine, he creates a product which is sold for $100. ... The worker is thus justly entitled to a $60 payment, or $20 per hour. If the worker is employed by a factory owner who pays him only $15 per hour, according to Marx the $5 per hour the factory owner receives is a rip-off. The factory owner has done nothing to earn the money and the $5 per hour he receives is "surplus value", representing exploit...
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- Approx Pages: 9
- Grade Level: High School