A sharp, dissenting look at Marx's theory of value and profits. This critical essay revisits Karl Marx's claim that value and prices are governed by the law of value, and it tests how that idea holds up when applied to prices of production and capitalist profits.

The author examines the logical links in Marx's argument, points out where the theory relies on assumptions, and argues that factors beyond labor time influence wages, surplus value, and the rate of profit. Through careful analysis, the work challenges the claim that the law of value alone determines economic prices, offering a rigorous alternative view grounded in classical critique.

- Clarifies how surplus value, wages, and capital interact to shape profits
- Explains why the price of production may diverge from a simple labor-based value
- Compares Marx's reasoning with other classical and Austrian perspectives
- Highlights methodological questions about how to study economic exchange

Ideal for readers interested in the history of economic thought, critical examinations of Marx, and debates over value, price, and profit.

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• Politics & Social SciencesPhilosophyPhilosophy

• Publication Date: August 24, 2018
• Text-to-Speech: Disabled
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• Print Length: 186 Pages
• File Size: 1,410 KB