Source: Free Association
by Sheldon Richman
“The free-market economy — laissez-faire capitalism — may be unpopular because people think it authorizes the exploitation of workers. They are not paid the full value of their product — or so it seems. This indictment has been wielded to justify not only full socialism but also substantial government interference with the market economy, including strong pro-union measures. Few people realize, however, that the market economy was decisively acquitted of the exploitation charge back in 1884 by the second-generation Austrian economist Eugen von Bohm-Bawerk in his History and Critique of Interest Theories. The key to understanding the acquittal is time.” (01/03/25)
https://sheldonfreeassociation.blogspot.com/2025/01/tgif-capitalist-exploitation-or-interest.html