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

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