"What is 'surplus value' in Economics
MAY 22, 2018 00:02 IST
This refers to the financial profits that a capitalist earns by underpaying his workers. The idea of surplus value was proposed by German philosopher Karl Marx in his various works, including his famous book, Das Kapital. Marx believed that labour is fundamental to all value created in any economy and that underpaid labour is the source of all profits that accumulate to capitalists. Critics, however, have dismissed Marx's theory by arguing that profits are the rewards enjoyed by capitalists for risking their capital in making investments. To prove their case, they have pointed to the losses incurred by capitalists as a result of poor investment decisions.
(From the Hindu 22/5/2018)"
The above concept seems to eminently fit into the dispensation followed by LIC right partly from 1/11/1993 and wholly from 1/8/1997, whereby all the benefits due to the pensioners have cumulatively been denied on account of non-removal of DR anomaly and non-upgradation of pension have gone into the surplus generated by the LIC all these years for use for other purposes. And the deprivation continues.
And now LIC argues that providing such benefits to pensioners will deprive policyholders of their bonuses!
Greetings.
C H Mahadevan
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