11 Questions
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.
According to the text, what did Marx fail to understand about the private ownership of property?
He failed to understand that private ownership of property is a menace to human freedom.
According to the text, what did Marx mistake the wealth produced by capital for?
He mistook it for surplus value.
According to the labor theory of value, what is the only agency capable of creating wealth?
Labor
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
According to Marx, what is the only valid moral claim of the owner of capital?
To have his capital restored to him
What did Marx assert about the proposition that labor is the sole creator of value?
He believed it was a recent discovery
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
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
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
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
Test your knowledge on the three mistakes made by Marx and their impact on history. Learn about his adoption of the labor theory of value, his misunderstanding of the importance of private property, and the consequences for political freedom.
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