1. Conventional economists argue that profit can be explained through an analysis of supply and demand (i.e., exchange). Marx disagrees. Why? Where does profit come from, according to Marx? Explain the labor theory of value and the labor theory of surplus value as part of your answer.
2. According to Marx, all modes of production (except communism) will inevitably self-destruct, as one evolves into the next. Explain this process. As part of your answer identify the two components of a mode of production, their relationship to one another, and the centrality of the labor theory of value and the labor theory of surplus value.1. Conventional economists argue that profit can be explained through an analysis of supply and demand (i.e., exchange). Marx disagrees. Why? Where does profit come from, according to Marx? Explain the labor theory of value and the labor theory of surplus value as part of your answer.
2. According to Marx, all modes of production (except communism) will inevitably self-destruct, as one evolves into the next. Explain this process. As part of your answer identify the two components of a mode of production, their relationship to one another, and the centrality of the labor theory of value and the labor theory of surplus value.