The Alchemical Science of Establishing Value Across Space-Time
I've always considered Marx's Labor Theory of Value to be laughable. But the value of Bitcoin suggests that Marx's theory may be literally true, even an economic extension of the laws of physics.
Still, this does nothing for Marx's eventual conclusion that profit is exploitation. Neither does it negate the Subjective Theory of Value. All it means is that value, energy and work are of the same family. Each can be converted into the other.
Congratulations @realityisfake! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPMaybe he failed to take into account the fact that people will seek to optimize for profit no matter what
Yeah, that seems absolutely true. Marx couldn't or wouldn't observe that there is always work involved in achieving profit. My guess is that he desperately wanted to prove that capitalism is inherently exploitive, so he worked his logic backward to come up with his labor theory of value.
The boss man gives the worker less than the worker gives the boss man, hence profit for the capitalist.