Ayn Rand and Marx, theory of compensation for labour.

[Sebastien]

Marx says that the value of labour is measured by the amount of money necessary to produce the worker's subsistence.

Rand says that the concept of value is dependent on the concept of life.

If I work for ten hours and secure my subsistence living by working for ten hours, then the value of my labour is the life that it has given me.

So I'm not being exploited.

Marx argues that I'm being exploited if my labour contract says that I am compensated for 10 hours labour with $100,

but I only needed to work 5 hours to produce enough commodities for sale to produce my day of subsistence ($100).

But if there is no profit, there is no incentive to hire me. If there is no incentive for my employer to hire me, then I can't cover my daily subsistence.

I trade my surplus product and surplus value for employment.

As long as my labour allows me to make a living, I am being paid justly.

Marx's theory of exploitation is used to say that capitalism is unjust.

But it is a benefit to me if some employer is willing to take the risk to hire me, and the risk that he is taking requires a reward (profit).

Ayn Rand turns Marx into an epic fail.