Marx's Law of Value: Intro to Marxist Economics | Socialism 101

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An introduction to Marxist Economics and Karl Marx's Law of Value
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Resources

Reading:

Karl Marx (1847) "Wage Labour and Capital": https://www.marxists.org/archive/marx...

Karl Marx (1865) "Value, Price and Profit": https://www.marxists.org/archive/marx...

Karl Marx (1875) "Critique of the Gotha Programme": https://www.marxists.org/archive/marx... (especially chapter 1 for more on Value: https://www.marxists.org/archive/marx...)

Ernest Mandel (1967) "An Introduction to
Marxist Economic Theory": https://www.marxists.org/archive/mand... (Sections 1 and 2 of this text are very useful. Treat Section 3 on "Neo-Capitalism" with caution and remember that it was written in 1967)

Karl Marx (1867) "Capital: Volume 1": https://www.marxists.org/archive/marx...

Karl Marx (1885) "Capital: Volume 2": https://www.marxists.org/archive/marx...

Karl Marx (1894) "Capital: Volume 3": https://www.marxists.org/archive/marx...


Videos/Podcasts:

Red Menace Podcast "The Fundamentals of Marxism: Intro to Political Economy" https://redmenace.libsyn.com/politica...

"Marx's Law of Value Led by Michael Roberts":    • Marx's Law of Value   Led by Michael ...  

The Marxist Project "Fundamentals of Marx: The Commodity (REUPLOAD)":    • Fundamentals of Marx: The Commodity (...  

The Marxist Project "Fundamentals of Marx: Surplus Labor and Value":    • Fundamentals of Marx: Surplus Labor a...  

The Marxist Project "Fundamentals of Marx: Falling Profit Rates (LTRPF)":    • Fundamentals of Marx: Falling Profit ...  

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Marx Quote (Capital Vol 1, Ch. 1): https://www.marxists.org/archive/marx...
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General Resources:

MLM Basic Course: http://bannedthought.net/MLM-Theory/M...


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AzureScapegoat’s Socialism101 site: https://www.socialism101.com/


Timestamps:

00:00 Introduction
00:38 1. Commodities and Value
03:06 2. Marx's Law of Value and Socially Necessary Labour
05:09 3. Wage-Labour & Labour-Power as Commodity
06:22 4. The General Formula of Capital
09:16 5. Surplus Labour and Exploitation

11:18 6. The Rate of Exploitation
12:15 7. Maximising Surplus Value (Absolute and Relative Surplus Value)
14:31 8. Recap
16:08 Credits