Comments by "C_R_O_M__________" (@C_R_O_M________) on "The Real Karl Marx Was A Cartoon Villain" video.
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Without watching the clip yet: Marx lost most of his children from preventable causes, he totally messed his household economics, owing to everyone under the sun in his vicinity, exploited the working class by not paying it for goods and services, was racist and a bigot (examples: Lassalle & Proudhon), he even fathered an illegitimate child with his housekeeper (which he "passed" to Engels - even though the kid was his spitting image) whom he never paid for her work, had to sell all their furniture, at some point, under the pressure of debts to local merchants like the butcher and the grocery store.
Ans this is the guy that the Left idolizes while never ever hearing about Mises, Hayek, Rothbard, Menger, Von Bohm Bawerk, Hazlitt, etc who had sufficiently deconstructed Marx's nonsense.
I have personally added another element of deconstruction to his nonsensical theory. Specifically to his views on labor value (if some other theorist has already pointed this out, I'm unaware of it), by stating that the surplus value from labor is only present when there's a good idea behind it, without which no such surplus value could be created.
Example: Marx advocates that the capitalist steals a part of the surplus value generated by labor by paying a lesser amount to the laborer and the difference becomes his profit. That's shallow, a gross simplification and ultimately utter nonsense!
I could place a million workers digging a hole and another million covering it up without creating no surplus value whatsoever.
It's the business idea and the actual product or service that intrinsically possess the potential for the creation of market-based (individual-voted) surplus value, not so much actual labor going into it which is neither special nor (necessarily) rare (to find).
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@brian78045 From the top of my head, cost of capital is not some fixed, universal number (the same counts for inflation - I don't have the same inflation vulnerability as a dad vs a bachelor, someone who needs to send a kid to college vs someone who doesn't, etc, because inflation hits differently various products and services and my needs could be much different to yours).
A high risk company, one, for example, with a dubious future and no current positive cash flow will (all things equal) have a much higher cost of capital (higher interest rates to pay) for debt/ borrowing than, say, Apple corp. with quite a predictable and stable cash flow.
The Austrians have very much thought about these. Mises was influenced quite a bit from Wicksell (Knut), a Swedish economist (of the marginalist school) and his work on interest rates, value, capital, rent and political economy.
Wicksell introduced the idea of a different "natural interest rate" (for a hypothetical "no money" - hence no central manipulation - economy) and that of the prevailing interest rate of the market. These are very complex and hard to follow ideas but you necessarily end up there when you are dealing with chaotic-like conditions to which you want to apply universal rules.
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