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The Marxian Mistakes

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Questions and Answers

According to the text, what was one of the mistakes Marx made regarding the labor theory of value?

He adopted the labor theory of value from David Ricardo. (correct)

He mistook the wealth produced by capital for surplus value.

He failed to acknowledge the actual principles of capitalism.

He failed to understand the significance of the labor theory of value.

According to the text, what did Marx fail to understand about the private ownership of property?

He failed to understand the significance of the private ownership of property.

He failed to understand that private ownership of property is a menace to human freedom. (correct)

He failed to understand that private ownership of property is necessary for political freedom.

He failed to understand that private ownership of property is the means of production by the state.

According to the text, what did Marx mistake the wealth produced by capital for?

He mistook it for the means of production.

He mistook it for surplus value. (correct)

He mistook it for the labor theory of value.

He mistook it for the principles of capitalism.

According to the labor theory of value, what is the only agency capable of creating wealth?

Labor Signup and view all the answers

In the early stages of machine production, machines were usually "operated" by their owners. What effect did this have on the labor theory of value?

It obscured the separate economic functions of labor and capital Signup and view all the answers

According to Marx, what is the only valid moral claim of the owner of capital?

To have his capital restored to him Signup and view all the answers

What did Marx assert about the proposition that labor is the sole creator of value?

He believed it was a recent discovery Signup and view all the answers

According to the text, what is one of the basic principles of capitalism that Marx rejected?

The increasing productivity of capital instruments compared to labor Signup and view all the answers

What did Marx say about the machine that produced a great amount of wealth with very little labor input?

The machine works gratuitously after yielding up its value Signup and view all the answers

What did Marx miss when confronted with the production of vast wealth through a large contributory effort by capital instruments and a negligible contribution by labor?

The owners of capital instruments should receive the proceeds of the wealth produced Signup and view all the answers

What did Marx say about the product of past labor in modern industry?

It works on a large scale gratuitously, like the forces of nature Signup and view all the answers