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Marx’s labor theory of value has been proven to be wrong on many aspects. For example, Alfred Marshall has rebutted Marx’s labor theory of value by…
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Download file to see previous pages For this reason, he purports that capitalists simply get paid for their patience in not using their money on consumer goods (Buchholz 128). However, as much as this may be true, Marx opines that labor is known to produce a surplus that goes far beyond its wages and the wear and tear that is sustained by the capital used. I totally agree with Marx that the wrong done here is exploiting the surplus by others in the form of labor. The reason why I think that Marx’s reasoning here is valid is the fact that capitalists usually enjoy the highest benefits from sale of products where as the laborers are usually the least compensated.
A good example to explain the validity of Marx’s reasoning here would be to look at the amount of labor that goes into manufacturing contemporary product such as luxury cars. As much as it is prudent to appreciate the waiting that capitalists have to wait, and the sacrifices that they make by not spending their money on buying consumer goods, I do not think that this can be compared to the work that laborers put in, and the amount of compensation they receive. Many big companies today are owned by rich capitalists who pump in huge sums of their money as capital. These capitalists usually employ laborers who work hard to ensure that the final product is up to standard (Beb 29). However, when these products are sold, it is the capitalists who receive and enjoy the most amount of profit after having used the labor and expertise of others.
It would be unrealistic to expect the capitalists and the laborers to enjoy the same amount of profit. However, fact remains that the investors in blue chip companies usually enjoy way much more profit than the laborers who put their efforts in coming up with final products that will be sold to bring money to the companies. I think that Marx’s reasoning here was ...Download file to see next pagesRead More
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