The same reasoning refutes the moral argument as well. If the new wealth created is the difference between the value of the inputs and the value of the outputs

The same reasoning refutes the moral argument as well. If the new wealth created is the difference between the value of the inputs and the value of the outputs, then the key factors that determine whether or not wealth is created are the definition of the output, the definition of process by which the inputs are transformed into outputs, and the allocation of resources (including the assumption of risk) necessary to initiate that process. These functions are undertaken by "capitalists" rather than "laborers". Labor is an essential input, but in your model, it is not at all responsible for the creation of wealth.