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.