Season 1 · Episode 423
Have marketers made Marx surplus to requirements?
Was Marx’s idea of surplus value too simplistic? Marketers will say they charge what people are prepared to pay - nothing to do with the cost.
Debunking Economics - the podcast · Steve Keen & Phil Dobbie
October 2, 202436m 26s
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Show Notes
Phil tells Steve that he’s always struggled with Karl Marx’s idea of surplus value. The idea that workers work for themselves, then a bit more to create the profit for a business. Phil says, that seems like a cost-plus approach, whereas in his marketing days, it was all about creating a brand that people would pay more for. The extra value was created by the goodwill associated with the brand. How do you apply Marx’s theory of surplus value to a $1,000 Gucci handbag, for example. Steve says it still applies and explains why in this week’s episode.
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