MARXISM DISTILLED: “For Adam Smith you have the division of labor and the invisi

MARXISM DISTILLED:

“For Adam Smith you have the division of labor and the invisible hand; for Ricardo, comparative advantage. Marx just seems to be an example of a thinker who took one incredibly wrong idea (The Labor Theory of Value) and fully worked out all of the logical consequences. Given that there’s no reason to believe in the labor theory of value, then most of Marx is just a complicated (although perhaps ingenious) dead end.” – Urstoff, from econlog