What question did this study set out to answer?

The study aims to estimate the rate of surplus value in the Portuguese economy from 1995 to 2022 using Marxist theory.

February 28, 2026Open Access

Calculation of the Rate of Surplus Value of the Portuguese Economy: An Empirical Approach Based on the Marxist Labor Theory of Value

Key Points

The study aims to estimate the rate of surplus value in the Portuguese economy from 1995 to 2022 using Marxist theory.
Analyzed national accounts and input-output tables.
Calculated monetary expression of labor time (MELT).
Tracked trends in working hours, real wages, and productivity.
Identified a rising rate of exploitation, particularly post-2008.
Highlighted increased income appropriation by capital.
Demonstrated the relevance of Marx's value theory for class dynamics.

Abstract

This article estimates the rate of surplus value of the Portuguese economy between 1995 and 2022 based on Marx’s labor theory of value. Drawing on national accounts and input-output tables, we calculate the monetary expression of labor time (MELT) and trace its evolution alongside working hours, real wages, and productivity. Our findings reveal a rising rate of exploitation, particularly during the post-2008 austerity period, and highlight the growing appropriation of income by capital. The results demonstrate the empirical relevance of Marxist value theory for understanding long-term class dynamics in a peripheral European economy. JEL Classification: B51, E25, C67

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