I've always considered Marx's Labor Theory of Value to be laughable. But the value of Bitcoin suggests that Marx's theory may be literally true, even an economic extension of the laws of physics.
Still, this does nothing for Marx's eventual conclusion that profit is exploitation. Neither does it negate the Subjective Theory of Value. All it means is that value, energy and work are of the same family. Each can be converted into the other.
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Maybe he failed to take into account the fact that people will seek to optimize for profit no matter what
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Yeah, that seems absolutely true. Marx couldn't or wouldn't observe that there is always work involved in achieving profit. My guess is that he desperately wanted to prove that capitalism is inherently exploitive, so he worked his logic backward to come up with his labor theory of value.
The boss man gives the worker less than the worker gives the boss man, hence profit for the capitalist.
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