New value-product

New value-product is a term used by Karl Marx for the value that a worker's labour adds to the (constant) capital she works on to produce a product. It is the amount by which the value of the product is greater than the value of the input materials.

 

In the familiar Marxist expression for the value of a product,

P  =  C + V + S      Where, P is the value of
                              the product;

                            C is constant capital
                              (material inputs);

                            V is variable capital
                              (wages);

                            S is surplus value.

the new value product is equal to V + S.

 

According to the labour theory of value, the new value-product is proportional to the labour time (duration).

The term is roughly synonymous with the bourgeois economics term, value-added.

Other works

For an example of the use of the term, see Karl Marx, Capital, Volume II, page 434 in Progress Publishers (Moscow, USSR) edition.