The concept of surplus is central in the analysis of capitalism. From the Marxian literature we can identify two main approaches: on the one hand, the concept of surplus developed by Marx based on the distribution of time worked between workers and capitalists; while on the other, the concept of...

Over 100 years since Marx's value theory of labour was first published, the so-called quot;transformation problemquot; -- deriving prices from values and providing a theory of profits as arising from surplus value -- has inspired the imagination of economist of all shades of intellectual...