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'''New value-product''' is a term used by Karl Marx for the value that a worker's labour adds to the (constant) capital she works on to produce a product. It is the amount by which the value of the product is greater than the value of the input materials. In the familiar Marxist expression for the value of a product, | '''New value-product''' is a term used by Karl Marx for the value that a worker's labour adds to the (constant) capital she works on to produce a product. It is the amount by which the value of the product is greater than the value of the input materials. | ||
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In the familiar Marxist expression for the value of a product, | |||
P = C + V + S Where, P is the value of | P = C + V + S Where, P is the value of | ||
the product; | the product; | ||
C is constant capital | C is constant capital | ||
(material inputs); | (material inputs); | ||
V is variable capital | V is variable capital | ||
(wages); | (wages); | ||
S is surplus value. | S is surplus value. | ||
the new value product is equal to V + S. | the new value product is equal to V + S. | ||
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According to the [[labour theory of value]], the new value-product is proportional to the labour time (duration). | According to the [[labour theory of value]], the new value-product is proportional to the labour time (duration). | ||
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For an example of the use of the term, see Karl Marx, ''Capital'', Volume II, page 434 in Progress Publishers (Moscow, USSR) edition. | For an example of the use of the term, see Karl Marx, ''Capital'', Volume II, page 434 in Progress Publishers (Moscow, USSR) edition. | ||
[[Category: | [[Category:Marxist economics]] | ||
Latest revision as of 03:08, 12 November 2025
New value-product is a term used by Karl Marx for the value that a worker's labour adds to the (constant) capital she works on to produce a product. It is the amount by which the value of the product is greater than the value of the input materials.
In the familiar Marxist expression for the value of a product,
P = C + V + S Where, P is the value of
the product;
C is constant capital
(material inputs);
V is variable capital
(wages);
S is surplus value.
the new value product is equal to V + S.
According to the labour theory of value, the new value-product is proportional to the labour time (duration).
The term is roughly synonymous with the bourgeois economics term, value-added.
Other works[edit | edit source]
For an example of the use of the term, see Karl Marx, Capital, Volume II, page 434 in Progress Publishers (Moscow, USSR) edition.