Marx's Ruse

In this book, the author argues that Karl Marx's labor theory of value (based on Robert Owen's earlier theory) was essentially a ruse designed to legitimize his attempt at resolving the problem of the business cycle. Evidence is presented which shows that he was well aware of the fact that the steam engine had reduced labor to a marginal factor input, overseeing the creation of material wealth. The fallout, however, was catastrophic for political economy in general, ushering in (i) a sterile and unscientific debate on the role of labor and capital in production (ii) political and intellectual division and (iii) centuries of social turmoil.