MARX’S LABOR THEORY OF VALUE, SURPLUS VALUE, AND CONTRADICTIONS: THE RELEVANCE OF THESE CONCEPTS IN CONTEMPORARY CAPITALISM IN LIGHT OF ELON MUSK’S ATTITUDE

Abstract

This article addresses the foundations of the labor theory of value—developed within political economy by Adam Smith, David Ricardo, and Karl Marx, and how Marx, building upon these foundations, formulated what he termed the "theory of surplus value." The topic falls within the history of economic thought, focusing on the differing perspectives of the thinkers who engaged with the labor theory of value, their influence on the construction of economic theory, and the symbolic or historical value they retain in light of changes in contemporary capitalism—such as the transformation of the wage laborer into a shareholder. The methodology employed involved a comparative analysis of the three thinkers' views as presented in classic texts, an examination of commentators' interpretations, and an analysis of current controversies viewed through the lens of the history of science as praxis. This article aims to contribute to identifying continuities and discontinuities in the history of economic thought and to evaluating the ongoing relevance of concepts formulated over the past two centuries to analyses of contemporary capitalism. Labor Value.