Aaaahhh….

What Marx correctly predicted was that real wages, or returns to workers, would be eroded over time.

Right, they\’re talking complete and total bollocks then. Real wages have not been declining. Marx was not correct. Thus everything else they say on the subject is entirely bollocks then, isn\’t it?

4 comments on “Aaaahhh….

  1. This is where Marxism gets very confusing because Marx also predicted that profits would tend towards zero over time too.

    Marxists can have their cake and eat it on that point. So their general lack of consistency should be called out.

  2. Meanwhile Marx’s American rival Henry George was saying that workers would be squeezed by the rising price of land.Its up to an average one hundred thousand pounds for the land under people’s houses right now in UK.

  3. http://blog.iea.org.uk/?p=145

    “Sir – Marx’s theory of the crises of capitalism is little more than a melodramatic description of the business cycle — standard fare in economic analysis. Every original contribution that Marx made to our understanding of capitalism is demonstrably false: the working class does not become increasingly immiserated; the class structure does not become increasingly polarised; no society has evolved from feudalism through capitalism to communism; the iron law of wages is fallacious; the State does not wither away when capitalism is abolished. Marx will continue to be neglected by serious scholars because he was wrong in every important respect.”

    Letter by John Meadowcroft published in The Times on 23 October 2008.

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