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In The Wealth of NationsSmith argued that the most important characteristic of a market economy was that it permitted a rapid growth in productive abilities.
Smith claimed that a growing market stimulated a greater " division of labor " i. Although Smith generally said little about laborers, he did note that an increased division of labor could at some point cause harm to those whose jobs became narrower and narrower as the division of labor expanded.
Smith maintained that a laissez-faire economy would naturally correct itself over time. Marx followed Smith by claiming that the economics essay help important beneficial economic consequence of capitalism was a rapid growth in productivity abilities. Marx also expanded greatly on the notion that laborers could come to harm as capitalism became more productive.
Additionally, Marx noted in Theories of Surplus Value: In their view, it is only one definite kind of concrete labour—agricultural labour—that creates surplus-value But to Adam Smith, it is general social labour — no matter in what use-values it manifests itself — the mere quantity of necessary labour, which creates value.
Surplus-value, whether it takes the form of profit, rent, or the secondary form of interest, is nothing but a part of this labour, appropriated by the owners of the material conditions of labour in the exchange with living labour".
Malthus' claim in An Essay on the Principle of Population that population growth was the primary cause of subsistence level wages for laborers provoked Marx to develop an alternative theory of wage determination.
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Whereas Malthus presented an ahistorical theory of population growth, Marx offered a theory of how a relative surplus population in capitalism tended to push wages to subsistence levels. Marx saw this relative surplus population as coming from economic causes and not from biological causes as in Malthus.
This economic-based theory of surplus population is often labeled as Marx's theory of the reserve army of labour. Ricardo developed a theory of distribution within capitalism—that is, a theory of how the output of society is distributed to classes within society.
The most mature version of this theory, presented in On the Principles of Political Economy and Taxationwas based on a labour theory of value in which the value of any produced object is equal to the labor embodied in the object and Smith too presented a labor theory of value, but it was only incompletely realized.
Also notable in Ricardo's economic theory was that profit was a deduction from society's output and that wages and profit were inversely related : Marx built much of the formal economic analysis found in Capital on Ricardo's theory of the economy.
Marx's theory[ edit ] Marx employed a labour theory of valuewhich holds that the value of a commodity is the socially necessary labour time invested in it. In this model, capitalists do not pay workers the full value of the commodities they produce; rather, they compensate the worker for the necessary labor only the worker's wage, which cover only the necessary means of subsistence in order to maintain him working in the present and his family in the future as a group.
This necessary labor is necessarily only a fraction of a full working day - the rest, surplus-labor, would be pocketed by the capitalist as profit. Marx theorized that the gap between the value a worker produces and his wage is a form of unpaid labour, known as surplus value.
Moreover, Marx argues that markets tend to obscure the social relationships and processes of production; he called this commodity fetishism. People are highly aware of commodities, and usually don't think about the relationships and labor they represent.
Marx's analysis leads to the consideration of economic crisis. Methodology[ edit ] Marx used dialecticsa method that he adapted from the works of Georg Wilhelm Friedrich Hegel. Dialectics focuses on relation and change, and tries to avoid seeing the universe as composed of separate objects, each with essentially stable unchanging characteristics.Buy essay online at professional essay writing service.
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