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Why Marx Was Wrong About Workers and Wages

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Why Marx Was Wrong About Workers and Wages
A statue of Karl Marx is seen in the building of the Corvinus University in Budapest on Sept. 4, 2014. Attila Kisbenedek/AFP/Getty Images
Allen Gindler
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Commentary

One of the central tenets of Marxism is the labor theory of value, which states that the value of a commodity is determined by the amount of “socially necessary labor time” required to produce it. In this framework, labor itself becomes a commodity—something that can be bought and sold in the marketplace.

Allen Gindler
Allen Gindler
Author
Allen Gindler is an independent scholar specializing in the Austrian School of Economics and Political Economy. He has taught Economic Cybernetics, Standard Data Systems, and Computer-Aided Work Design in Ukraine. His academic articles have been published in the Journal of Libertarian Studies and The Independent Review. He has also contributed opinion pieces to Mises Wire, American Thinker, the Foundation for Economic Education, and Biblical Archaeology Review.