Tuesday, July 18, 2023

Foreshadowing Marxism: Labor Theory of Value Errors

Click here to read the original Cautious Optimism Facebook post with comments

The Cautious Optimism Correspondent for Economic Affairs and Other Egghead Stuff is giving some serious consideration to writing a series of columns this fall about Marxism and communism.

In the meantime this little cartoon does a good job of exposing just one logical fallacy prevalent in several key Marxist tenets including its reliance on the labor theory of value, the alleged extraction of surplus value from the workers, and the "violent exploitation" (their words, not mine) of the laboring classes by the parasitic capitalist.

ps. The Economics Correspondent found this meme on a Reddit post commenting that it proves workers do everything and are being robbed by CEO's. Said meme poster evidently had no idea the whole point of the cartoon is exactly the opposite but hey, it would hardly be the first time in history that Marxists were lacking any connection to reality.

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