Marxist error is being actively and persuasively peddled by Dr. Richard Wolff, professor of economics at emeritus U Mass Amherst. In this post at the Learn Liberty blog, I debunk the important claim that those who make profit in a free market don’t earn that profit, rather they exploit their workers. A slice:
Wolff: … The only way I’m going to hire you for $20 an hour is if you produce more in the hour than I give you. So, when you feel, in a vague way, at the end of the day that you’re being ripped off, you’re absolutely right, or, in Marx’s language, “exploited.”
… Wolff tells us only half of what’s true about this exchange, looking at it only from the viewpoint of the capitalist entrepreneur. We must look at it from the viewpoint of the worker, also. …
Speaking for her, Dr. Wolff could say — and he would if he were to make a fair and complete presentation — “… The only way I’m going to work for you for $20 an hour is if you pay me more than [the value of] the hour I give you.”
That’s true, too. So Dr. Wolff could equally well conclude that the worker is ripping off the employer!