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Labour Value and Exploitation an introduction to Marxist economics session 1- What determines value?
The first session of our Marxist economics class given by Sorcha Foster
Get to grips with Marxist economics at the Marx Memorial Library this summer. This course – aimed at beginners - provides a basic introduction to the Marxist analysis of capitalist economics – comparing and contrasting its approach to that provided by neo-liberal and Keynesian interpretations.
We will look at Marx's pamphlet, Wages, Price and Profit. Written in 1864 at the same time Marx was finishing his great work, Capital, Volume 1, it boils down the arguments of Capital to their simple essence.
At the end of the course you should have a basic grounding in Marxist economics. You should be able to contest arguments that:
· Wage increases cause inflation
· Collective action by workers can never increase wages in the long-run
And instead argue that
· Labour is the only source of new value
· Capitalist production is organised to maximise the rate of exploitation
· Capitalist production is inherently crisis-prone
· Collective action by workers enhances productivity and overall economic demand