Excerpt from Karl Marx on Value
Karl Marx was born in Treves a small town of Rhenish Prussia in 1818 and died in London 1883. He gave to socialism the biggest impetus it ever received; and to capitalism he gave perhaps the most drastic examination to which it has yet been subjected. Seventy years and more have passed since he began to write and there is no socialistic author to-day more widely read or with a larger following of believers. When his strength is so great it is important that the limitations of it, if they are serious, should be realised. This little book is devoted to some of these limitations. It is an effort to make clear a point in which he has been held to be wrong. It is not a small point. It is a point of the greatest importance. It concerns what he himself declares to be the central tenet in his economic teaching, his Law of Value.
We would not have this statement misunderstood. The intention here is to exhibit the fallacy which the writer believes to underlie Marx's theory of value. There is no suggestion that to show the fallacy in the Marxian Law of Value is to be finished with Marx.
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