Leftist tiktoker DESTROYED on the Labour Theory of value | Capitalism, Surplus Value, Marx @Jochstes

The Labour theory of value. What the heck is that? Well it is the idea that the value of a product is derived from the average number of labour hours needed to produce it. But since the 19th century, this theory has not been favoured by most mainstream economists. We are going to see why. And hopefully I don’t get an aneurisym. The owner’s machinery and materials contributed significantly to the market value of the product, significantly diminishing the product’s labour value. You may say it is unfair for the owner to own the means of production, but the owner spent their own money on such useful means of production when they could have instead spent it on entertainment and consumer goods like the worker. The owner had denied themselves short-term satisfaction for a chance at long-term success. I will explain the extent of this phenomenon in just a moment.

Sources:
Tiktok original video:
https://www.tiktok.com/@jochstes/video/6897744207901953285?lang=en
Labour Value Definition:
https://www.investopedia.com/terms/l/labor-theory-of-value.asp
No profit for years Fleximise Article:
https://fleximize.com/articles/001494/when-will-your-startup-start-making-a-profit
Small Business Survival statistics BLS:
https://www.bls.gov/bdm/us_age_naics_00_table7.txt
Businesses in debt Fundera Article:
https://www.fundera.com/resources/small-business-lending-statistics

#LeftismDestroyed
#Capitalism
#Surplusvalue