Episode 6

Against Marx's Exploitation Theory

An overview of the Marxian theory of the capitalist as exploiter and how Bohm-Bawerk dismantled the Exploitation Theory by leveraging Mengerian subjective theory of value.

Episode 6

Against Marx's Exploitation Theory

An overview of the Marxian theory of the capitalist as exploiter and how Bohm-Bawerk dismantled the Exploitation Theory by leveraging Mengerian subjective theory of value.

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Feb 27, 2019

Episode Notes

In this episode, C.Jay reviews why the Marxists and the self-described socialists describe the workers as being exploited by their bosses. They literally think that the capitalists provide nothing of value because they aren’t the ones out in the field or in the manufacturing plant getting their hands dirty. 

But contrary to this extremely shallow view of the arrangement, the Austrian economist Eugen Bohm-Bawerk pointed out several actual functions that the capitalist provides; without these there would be no modern economy and the living standards of the masses would be much lower.

Links and Details

Surprised you're still on this page tbh.

George Reisman’s Capitalism Book

David Gordon’s review of Reisman’s Capitalism

The Exploitation Theory of Socialism-Communism is a great book edited by Hans Sennholz which includes just the extract related to Marx’s Exploitation Theory, taken from Bohm-Bawerk’s 3 volume treatise on capital called Capital and Interest.