Source: Cobden Centre
by Allen Gindler
“One of the central tenets of Marxism is the labor theory of value, which states that the value of a commodity is determined by the amount of socially-necessary labor time required to produce it. In this framework, labor itself becomes a commodity — something that can be bought and sold in the marketplace. Marx argues that, under capitalism, workers are forced to sell their labor power to capitalists, who exploit them by paying wages that are less than the full value their labor produces. This difference — or ‘surplus value’ — is appropriated by the capitalist as profit. However, this analogy between labor and commodities reveals deep flaws when examined critically.” (09/17/24)
https://www.cobdencentre.org/2024/09/why-marx-was-wrong-about-workers-and-wages/