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What you call an error is a matter of opinion. Marx was well aware that it served the capitalist class's interests to deny the existence of essential value. The
by cutler 7y ago
What you call an error is a matter of opinion. Marx was well aware that it served the capitalist class's interests to deny the existence of essential value. The Labour Theory of Value is more relevant today than it has ever been with labour's share of GDP declining decade on decade: https://www.futurework.org.au/exploring_the_decline_in_the_labour_share_of_gdp https://www.futurework.org.au/exploring_the_decline_in_the_l..., https://faculty.chicagobooth.edu/brent.neiman/research/KN.pdf https://faculty.chicagobooth.edu/brent.neiman/research/KN.pd...
- jacques_chester 7y agoMarx predated the marginal revolution, dying two years before Marshall published Principles of Economics. Marx was trying to make steel from clay. He was a brilliant and original thinker, but his theories didn't pan out. The crises he predicted do not follow the form he described, the revolutions which succeeded were not in the countries he predicted, the inexorable laws of history turned out to be very exorable after all. His main contribution since the late 19th century has been as an anchor to progressive economic thinking.