Value, Price, and Profit

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First published in 1865, ‘Value, Price, and Profit’ was originally given as a speech by Karl Marx, a German philosopher, critic of political economy, economist, historian, sociologist, political theorist, journalist and socialist revolutionary. He is one of the most influential social theorists and political philosophers of the 19th century. Marx sought to reveal the economic patterns underpinning the capitalist mode of production, in contrast to classical political economists such as Adam Smith, Jean-Baptiste Say, David Ricardo and John Stuart Mill. This speech expands on his ideas regarding the relationship between wages and profit. Marx argues that workers are responsible for forming the value that leads to profit and they are entitled to share in it through increased wages. Marx’s theories remain widely studied for their relevance and insight into the problems and inequalities that continue to exist in modern economic systems.