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Discuss Marx's "Theory of Exploitation", “Theory of Surplus Value of labor ” and the creation of surplus-value.
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- Based on Marx's equation to calculate the rate of exploitation, what is the condition when exploitation is zero?When Marx writes of labour and its values, he focusses on socially necessary labour. why?The Exchange Theory of Value a) states that the value of anything is based on the resources that were used to produce it. b) contradicts the principle of opportunity cost. c) is consistent with the Labor Theory of Value. d) All of the above e) None of the above
- In a market economy, the compensation of labour is determined by the interaction of demand and supply in each labour market, relative compensation by the interaction of relative demand and supply. A higher price for labour leads to a higher quantity of labour supplied, a lower price leads to a lower quantity supplied and prices and wages help coordinate economic activities. Do you agree this statement if so Why?Create a strong argument to the following prompt. Explain how the labor theory of value developed and changed from Smith, Ricardo, and Marx. Begin by establishing the significance of the labor theory and explain for each thinker individually.Labour relations is the term which refers the relationship between individual employees and employers, as well as the relationship between collectives (trade unions, employers’ organisations, and the state) and the individuals. Karl Marx, who dedicated his life to the furtherance of communism, suggested that capitalism established political and legal structures which favour the employer. What is Marx considered additional consequences of capitalism.
- Consider two competitive economies that have the same quantities of labor and capital (K=L), and the same technology. The economies of the countries are described by the following Cobb–Douglas production functions: North Economy: Y = AK^0.7 L^0.3 South Economy: Y = AK^0.3 L^0.7 If half of workers (L) in North immigrated to South, explain how would total output, marginal produc- tivity of labor, and labor’s share of income in the two economies change?Explain why the marginal product of labour equals the competitive wage when there is equilibrium in a single competitive labour market?Marx writes that “labour itself, … insofar as its purpose in general is the mere increase of wealth … is harmful and pernicious.” What does he mean by that?
- Discuss Labor Shortage and Labor Surplus.1. Explain Marx's "Theory of Alienation "and why he considers labor a commodity and not a factor of production. 2. Discuss Marx's "Theory of Exploitation" and the creation of surplus-value.By Labor Economics theory, what are the short-run and long-run effects of immigration on the wages of native workers? Use diagrams to illustrate your arguments. Describe the evidence of these effects presented in the chapter.