ABSTRACT
Marx’s theory of surplus value is simple in its main outline, though complicated in its details. He argues that a wage-earner produces goods equal in value to his wages in a portion of the working day, often assumed to be about half, and in the remainder of his working day produces goods which become the property of the capitalist although he has not had to make any payment for them. Thus the wage earner produces more than he is paid for; the value of this additional product is what Marx calls ‘surplus value’. Out of surplus value come profits, rent, tithes, taxes-in a word, everything except wages.
