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The theory of value explains of social relation, materialism and production. Therefore, people social interaction in the exchange of goods and ideas comprises of economic processes envisioned by Marx. Marx argued that people cannot produce all the products they need, exchange of goods helps people get what they do not have in the market. The exchange involves transfer of commodities for money or other products. The market system comprises the social relation Marx is talking about (Rubin’s).
Marx argues that the source of value is the input of labour (Schultz). However, because workers produce for the capitalists instead for their own consumption the commodities become independent once they are taken in the market. This is the process that Marx’s refers to as fetishism of the commodity (Marx’s Labour Theory of Value). Labourers are exploited when their wage is less than the value of the product they produce. He refers to the extra amount taken by the capitalist as the surplus value (Marx’s Labour Theory of Value). Marx fetishism refers to the detachment of labour from the complete products which acquire an inherent value. The capitalist society detaches the cost of labour and makes products so expensive more than it real cost. This has the effect of giving power to the product that has been processed by man. The capitalist society, therefore, attaches value to everything that we do and think of in our day to day activities (Schultz). I agree with Marx on the labour theory of value because people are disadvantages on their efforts to earn revenue.
According to Marx, even the capitalist are never satisfied by the gain they get after taking profit and the surplus value. The profit and the surplus value are added to the existing capital. The habit is to increase the maximization of profit in all human spheres (Marx theory of ...Show more
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Therefore, as we think how to satisfy our needs we confirm Marx’s argument on the theory of production. The capitalist society is born out of mass production and consumption. Products are produced in bulks taking…
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