Comments by "James Adams" (@ExPwner) on "Richard Wolff Is A Monster & Fraud" video.
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@richardunderwood9683 again, marginal revenue product is a conceptual thing, not a mathematically proven fact. Value is subjective. The employer values the labor more than the wage and the employee values the wage more than the labor, but there is no mathematical proof of employee output. What Marxists like Wolff do is automatically assume that the employer adds no value and then proceed as though all profits were generated by the employee with bad math. In reality, all inputs are valuable if the output is valuable and we're not doing unnecessary things.
Take a simple example. Imagine that a business requires 1 million dollars in startup capital which is then spent on building/buying a facility ($250k), buying equipment ($300k), buying raw materials ($200k) and hiring workers ($250k). After a certain period of time (let's say a year for simplicity), all of the raw materials are used up, the labor is paid, and the facility and equipment depreciate to zero. Also at the end of that year of production, the final products are sold to an end consumer for $1.1 million. The owner profits $100k. Properly understood, this is not only a risk premium but also a financing cost. Interest. The input from the capitalist at the beginning of the year in the form of the million dollar investment is not worth $1 million in perpetuity. Instead, his gain comes from the value added by investing money and waiting for the return. Workers are paid every two weeks for their work, but the owner only gets paid when products sell.
https://mises.org/library/bohm-bawerks-critique-exploitation-theory-interest
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