Karl Marx is said to be the proponent of which of the following theories of wages ?
Karl Marx propounded the Surplus Value Theory of Wage, holding that labour is the source of all value in production, yet under capitalism labour is treated as a commodity…
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Karl Marx is said to be the proponent of which of the following theories of wages ?
Answer and explanation
Correct answer C
Karl Marx propounded the Surplus Value Theory of Wage, holding that labour is the source of all value in production, yet under capitalism labour is treated as a commodity bought at its subsistence reproduction cost. The difference between the total exchange value produced by the worker's labour and the subsistence wage actually paid is 'surplus value', which is appropriated by the capitalist as profit.
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UGC NET HRM / Labour Welfare and Industrial Relations