Marx was Right (Kind of)

John Mueller (Redeeming Economics, p. 4-5) notes that when it comes to Adam Smith’s “labor theory of value,” Karl Marx did not, as conservative Christians are told, misunderstand the theory at all.

Karl Marx did not misunderstand this theory, but rather understood it very well, when he claimed that it had turned every exchange from the approximate equality of Aristotle’s “justice in exchange” into pervasive injustice in exchange, with workers producing all the value while capitalists skimmed much of it for their own profit.

It should be noted here that Mueller is no Marxist, but is instead a Catholic economist whose book was published by the conservative Intercollegiate Studies Institute.

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