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It may surprise you to learn that these obvious ideas are older than you think. Wikipedia it. In fact, one of the main errors in Karl Marx’s theories from the
by pembrook 2y ago
It may surprise you to learn that these obvious ideas are older than you think. Wikipedia it.
In fact, one of the main errors in Karl Marx’s theories from the mid-1800s was the belief that
markets were perfectly efficient. He thought profits in a market economy would inevitably fall to 0.
It turns out humans constantly want new and different stuff, in unpredictable fashion, and therefore this never happens.
- gdfgdsf 2y ago> one of the main errors in Karl Marx’s theories Another one being the Intrinsic Theory of Value which he borrowed from Adam Smith. Marx allegedly postponed the publication of the 2nd volume of his Das Capital, when he learned about Marginalism, as it would require a complete revision of his theory, but died before he could do it. Von Mises writes that if that's true, Marx was way smarter than his followers.
- philipwhiuk 2y ago> Marx was way smarter than his followers Well that's generally the case, I'd sort of be surprised if he weren't.
- datavirtue 2y agoThe list of technologies adopted by the entire tech industry that are far removed or completely miss the point of their inventor is very long.