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Marx’s Capital – Philosophy and Political Economy. Geoff Pilling 1980| www.marxists.org
Two posts ago, I rehashed the point that owners of capital income do not produce it and therefore have no desert-based claim to it. One post ago, I responded to the rebuttal that they do in fact do work to receive capital income, namely the work of deploying and managing capital. In that post, I rehashed the point that capitalists don’t do this work, but rather money managers and executives (who are paid) do it. So, it would seem, we really do have 30% of the national product flowing out to...| Matt Bruenig Dot Com
I have been pointing out recently that defenders of laissez-faire capitalism shift between philosophical frameworks when they are arguing, something I call capitalism whack-a-mole. They do this because there are no normative frameworks that justify laissez-faire capitalism and so there is no other way to actually muster an argument in its favor other than opportunistically moving between frameworks. (Click here for an amusing example of this phenomenon.)| Matt Bruenig Dot Com