What do you understand by the theory of Surplus Value? Elaborate.

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The theory of Surplus Value is a concept that was first introduced by Karl Marx, a German philosopher, economist, and social scientist, in his influential work, "Das Kapital". This theory is an essential element of Marx's analysis of capitalism and highlights the exploitation of the working class by the capitalist class.

In simple terms, the theory of Surplus Value refers to the difference between the value that workers produce through their labor and the compensation they receive in the form of wages. According to Marx, the value of any product is determined by the amount of labor that goes into its production. He believed that labor is the only source of value and that capitalists derive their profits by extracting a surplus value from the labor of workers.

Marx explained that workers are paid a wage that is equivalent to the value of their labor power, which is the amount of labor required to produce the goods and services necessary for their survival. However, the value of the goods and services produced by the workers is typically higher than the value of their labor power. This excess value, or surplus value, is appropriated by the capitalist ____ ____________ __ ____________ ___ ___________ ____ ________ _______ ______ _______ _____________ ___________ __________.
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Degree : BACHELOR DEGREE PROGRAMMES
Course Name : BACHELOR OF ARTS POLITICAL SCIENCE HONOURS
Course Code : BAPSH
Subject Name : UNDERSTANDING POLITICAL THEORY
Subject Code : BPSC 101
Year : 2022 2023