4. Surplus Value

In part 3, we discussed the value of a commodity and found that this came in two forms – use-value and exchange-value- and that they were derived from the labour required to produce the commodity, use-value from specific labour and exchange-value from abstract social labour. But under the capitalist system, labour itself (or more accurately labour-power, the capacity to labour) is sold as a commodity. So what is the value of labour? This was the stumbling block of classical political economy and it was Karl Marx who first solved the problem.