Against Marx

Marx’s argument goes like this:

  • The value of a good is defined by the amount of labour that goes into it.
  • Workers provide most of the labour, yet only get a tiny fraction of the profits compared to the capitalist.
  • Hence capitalism is unjust

It’s wrong because the value of a good isn’t defined by the amount of labour that goes into it. E.g: If I spend 10’000 hours making 1kg of Basmati rice and another farmer spends 1 hour, my sack of rice is not 10’000 times more valuable than theirs. The labour theory of value is wrong and without it marx’s ethical arguments collapse.

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