Getting to know Karl Marx
By Mark Gonzalez and Adrian Vasquez
The education of Karl Marx and how he came to be.
He's economic expertise.
- He wrote capital
Famous for the labor theory of value
- Decreasing rates of profit
- increasing can contration of wealth
- Value of a product is soley determined by the labor that produces it.
- Even though all workers work some are at a higher value for their skils. Unskilled workers may drag down the average skill of labor, therefore increasing the labor time.
- Lead to the underpaying workers and overcharging customers
C-period of time it took to complete a good
L- Quantity of Labor time
W-Volume of the product.
A little more about Karl Marx
Karl Marx was a German philosopher, economist, sociologist, journalist, and revolutionary socialist.
Born May 5, 1818, Trier, German
Died: March 14, 1883,London, UK
Wife: Jenny von Westphalen (m. 1843–1881)
had no kids