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  1. Classical Theory

    Linked via "surplus value"

    In analyzing the composition of capital) invested by industrialists, classical economists differentiated between constant capital ($$C$$), representing machinery and raw materials, and variable capital ($$V$$), representing wages paid to living labor. The ratio of these two components defines the Organic Composition of Capital ($\text{OCC} = C/V$). As technological innovation necessarily increases the proportion of machinery relative to direct labor…

  2. Marxism

    Linked via "surplus value"

    Critique of Political Economy: Capital and Exploitation
    Marx’s most extensive theoretical work, Das Kapital, systematically dissects the internal logic and mechanisms of the capitalist mode of production. Central to this analysis is the labor theory of value and the concept of surplus value.
    Labor Theory of Value (LTV)