| This question <21|21> overall <21|23> Hans: <20|25>. |
| Question 67: Why did Ricardo's discovery of the determination of value by labor attract the following critique: “Mr. Ricardo's system is one of discords ... its whole tends to the production of hostility among classes and nations ... His book is the true manual of the demagogue, who seeks power by means of agrarianism, war and plunder.” (H. C. Carey, The Past, the Present and the Future, Philadelphia 1848) |
| [22] Hans: Class Struggle Economics. Communistcow is mistaken when she writes in [21]: |
| Ricardo does not recognize that labor can create exchange-value. |
| Ricardo recognized very well that labor can create exchange-value. In his main book On the Principles of Political Economy and Taxation he wrote: |
| The value of a commodity, or the quantity of any other commodity for which it will exchange, depends on the relative quantity of labour which is necessary for its production, and not on the greater or less compensation which is paid for that labour. |
| This is also Marx's view. There are differences between Marx and Ricardo, but both Marx and Ricardo have the same explanation of profits: capitalists make profits by paying the laborer a wage which is lower than the contribution of the laborer's labor to the product he is producing. No wonder the capitalists complained that this contributed to hostility among classes. |
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