Session 2 of Prof Richard Wolff’s Introduction to Marxian Economics discusses how Marx worked out his basic theory of surplus value from the labour theory of value ideas of Adam Smith and David Ricardo. One of the things Marx added to the discussion was the introduction of the concept of industrial capital. Session 2 shows how surplus value is created and we also learn how modern economists ignore the concept of surplus, choosing instead to focus on markets and prices. Prof Wolff also discusses a newer type of class distinction, different from the rich-poor, powerful-powerless we’re so familiar with.

Next week we’ll cover Session 3, where Prof Wolff takes us through the other two phases of surplus value: how it’s appropriated and distributed.

Introduction to Marxian Economics, Session 3

Prof Richard Wolff‘s website

Prof David Harvey‘s website