Support on Patreon: https://www.patreon.com/MarxistPaul Twitter: https://twitter.com/MarxistPaul Instagram: https://www.instagram.com/marxistpaul Ko-Fi (One-time donation): https://ko-fi.com/marxistpaul -- An introduction to Marxist Economics and Karl Marx's Law of Value -- Resources Reading: Karl Marx (1847) "Wage Labour and Capital": https://www.marxists.org/archive/marx/works/1847/wage-labour/ Karl Marx (1865) "Value, Price and Profit": https://www.marxists.org/archive/marx/works/1865/value-price-profit/ Karl Marx (1875) "Critique of the Gotha Programme": https://www.marxists.org/archive/marx/works/1875/gotha/ (especially chapter 1 for more on Value: https://www.marxists.org/archive/marx/works/1875/gotha/ch01.htm) Ernest Mandel (1967) "An Introduction to Marxist Economic Theory": https://www.marxists.org/archive/mandel/1967/intromet/index.htm (Sections 1 and 2 of this text are very useful. Treat Section 3 on "Neo-Capitalism" with caution and remember that it was written in 1967) Karl Marx (1867) "Capital: Volume 1": https://www.marxists.org/archive/marx/works/1867-c1/ Karl Marx (1885) "Capital: Volume 2": https://www.marxists.org/archive/marx/works/1885-c2/index.htm Karl Marx (1894) "Capital: Volume 3": https://www.marxists.org/archive/marx/works/1894-c3/ Videos/Podcasts: Red Menace Podcast "The Fundamentals of Marxism: Intro to Political Economy" https://redmenace.libsyn.com/political-economy "Marx's Law of Value Led by Michael Roberts": https://youtu.be/y7xp2UB4on0 The Marxist Project "Fundamentals of Marx: The Commodity (REUPLOAD)": https://youtu.be/0UAbbfzO2zc The Marxist Project "Fundamentals of Marx: Surplus Labor and Value": https://youtu.be/xzqm9QHls60 The Marxist Project "Fundamentals of Marx: Falling Profit Rates (LTRPF)": https://youtu.be/EKdQB58g89M -- Marx Quote (Capital Vol 1, Ch. 1): https://www.marxists.org/archive/marx/works/1867-c1/ch01.htm -- General Resources: MLM Basic Course: http://bannedthought.net/MLM-Theory/MLM-Intro/MLM-BasicCourse-CPI(Maoist)-2016-OCR.pdf Learn from the Reddit community: https://www.reddit.com/r/communism101/ AzureScapegoat’s Socialism101 site: https://www.socialism101.com/ Timestamps: 00:00 Introduction 00:38 1. Commodities and Value 03:06 2. Marx's Law of Value and Socially Necessary Labour 05:09 3. Wage-Labour & Labour-Power as Commodity 06:22 4. The General Formula of Capital 09:16 5. Surplus Labour and Exploitation 11:18 6. The Rate of Exploitation 12:15 7. Maximising Surplus Value (Absolute and Relative Surplus Value) 14:31 8. Recap 16:08 Credits