Richard Wolff Defends Marx's Labor Theory of Value Against Critics

Richard Mellor

An excellent, no nonsense response from Richard Wolff to the critics of Marx's Labor Theory of Value. 

Wolff responds to those who argue that the capitalist takes the "risk" with capital throwing it in to production and that the person who had the "idea" to do something should reap the most benefit for the creation because they thought of it. This  suggests there are no other ideas that contribute to the process and the product created.

These criticisms and this world view, that an individual idea is key to production of anything and that risk belongs only to the owner of capital or possessor of it, have a material basis. The same origin as the idea that rich people are "self made" and get rich through their own personal individual efforts; the "pulled themselves up by their bootstraps"  argument.

Marx also pointed out that the dominant ideas or ideology in a society are the those of the class that rules or governs that society; and we do live in a class society. The ideas represented by these criticisms of Marx,  are propagated in our case by the capitalist class through all of its institutions the mass media that they own, the education system and the universities, and the religious authorities being dominant sources.

It is similar with the dominant ideology of European feudalism that stated that the king was king by God's will. The philosophy of "Divine Right". This view was very powerful and the English historian Christopher Hill in his book on the English Revolution pointed out that holding this view prevented many of those trying to reform the system, the rising capitalist class, religious reformers etc. from going too far in challenging the King.  Hill called it a "stop in the mind" the obstacle of their own consciousness, their belief in the system.

I always said, somewhat tongue in cheek, that this worked until Cromwell came along and suggested they cut off the Kings head and see what happens. Another day was born and the "divine Right of Kings died and ignominious death.