The fundamental place to challenge the exploitation theory is not over the labor theory of value or the iron law of wages, but here, over its conceptual framework—over the doctrines of the primacy of wages and the deduction of profits from wages.
George Reisman
George Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics and the author of Capitalism: A Treatise on Economics. See his Amazon.com author's page for additional titles by him.
Visit his website capitalism.net and his blog atGeorgeReismansBlog.blogspot.com. Watch his YouTube videos and follow @GGReisman on Twitter.
The Outlook for the Future of Capitalism (Part 10 of 10)
Let the advocates of capitalism proceed in the knowledge not only that socialism is dead, but also that what the world still needs to learn is why capitalism deserves to live.
A General Campaign at the Local Level for Laissez-Faire Capitalism (Part 9 of 10)
What would be required to restore New York to its former prosperity and greatness would be the combination of the elimination of public welfare, the abolition of rent controls, and the privatization of the city’s transportation system.
The Separation of State from Religion, Science, and Education (Part 8 of 10)
The system of public education could be abolished over the course of a generation, in a way that need not impose financial hardship on the parents of any child alive at the time of the abolition’s commencement.
A Pro-Capitalist Foreign Policy (Part 7 of 10)
In the present-day world, a procapitalist foreign policy is indistinguishable from a pro-American foreign policy.
Establishment of Gold as Money (Part 6 of 10)
The establishment of gold as money is essential to the achievement of a capitalist society.
Abolition of Income and Inheritance Taxes Under Capitalism (Part 5 of 10)
A possible way to start on the elimination of the income/inheritance tax right now would be to fight for the immediate adoption of a universal exemption of at least 51 percent of everyone’s income from federal, state, and local income taxation under all circumstances.
Capitalism and the Abolition of the Welfare State (Part 4 of 10)
The savings of individuals would steadily replace taxes as the source of provision for old age.
The Freedom of Production and Trade Under Capitalism (Part 3 of 10)
An appropriate vehicle for the establishment of the freedom of production and trade, whether all at once or gradually, would be the establishment of one last regulatory-type agency: the Deregulation Agency.
Privatization of Property: Importance of Fighting on Basis of Principles (Part 2 of 10)
The privatization of property is the most fundamental aspect of a procapitalist political program
Toward the Establishment of Laissez-Faire Capitalism (Part 1 of 10)
If a laissez-faire capitalist society is to be achieved, a political movement pursuing a long-range program will be necessary.
The Future of Liberty
Liberty is freedom from the government, specifically, freedom from the initiation of physical force by the government
Why Nazism Was Socialism and Why Socialism Is Totalitarian
Why Nazi Germany was a socialist state, not a capitalist one, and why socialism – an economic system based on government ownership of the means of production – requires a totalitarian dictatorship.
Insights on The Benevolent Nature of Capitalism
By the “benevolent nature of capitalism,” I mean the fact that it promotes human life and well-being and does so for everyone.
Ludwig von Mises: Defender of Capitalism
Ludwig Von Mises is important because his teachings are necessary to the preservation of capitalism and thus of civilization.
How Labor Unions Can Be Anti-Labor
To anyone who understands the role of the productivity of labor in raising real wages, it should be obvious that the unions’ policy of combating the rise in the productivity of labor renders them in fact a leading enemy of the rise in real wages.
Books: Henry Hazlitt’s “Economics In One Lesson” Reviewed by The Capitalist Professor, George Reisman
There is no subject that more urgently needs to be understood in the world today than economics. Our well-being, indeed, our very lives, depend on the production of wealth.
Free-Markets and Globalization: The Long-Run Big Picture
Globalization is the process of bringing the entire world into the system of division of labor and thus into the system of social cooperation, of which division of labor is the essence. Its completion will mark the highest level of division of labor and social cooperation that it is possible for human beings to achieve, given the size of the world’s population.
The Stock Market, Profits, and Credit Expansion
How profits are distorted by forcible government interference in the form of inflation and credit expansion, in ways that directly explain both the stock-market boom of recent years and today’s stock-market bust.
Progress In a Free Economy
The Industrial Revolution has allowed mankind to improve his environment.
The Gold Standard, Not Price Controls, Can End Rising Prices
The Republicans need to show that (1) the Democrats, not businessmen, are responsible for rising prices and that (2) what is needed to end rising prices is not price controls but the gold standard.
What’s Wrong with Bernie Sanders’ 32-Hour Bill
A shortening of the hours of work is a highly desirable goal. But it cannot be achieved along with growing prosperity except in a free market.
What’s Wrong with Bernie Sanders’ 32-Hour Work Week Bill
A shortening of the hours of work is a highly desirable goal. But it cannot be achieved along with growing prosperity except in a free market.
A 2024 Mid-Priced Automobile Sells for the Same $300 Price Paid for a Model T Ford in 1924
Today, the price of a paper dollar is just one gold cent.
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