Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: n The Law Of Surplus-value The second great idea that we associate with the name of Karl Marx is the Law of Surplus- Value. Curiously enough this one technical theory is the only discovery that bourgeois writers and economists give Marx credit for. If you look up Marx in any ordinary encyclopedia or reference book you will find they make his fame depend on this theory alone, and to make matters worse they usually misstate and misrepresent this theory, Awhile they invariably fail to mention his two other equally great, if not greater discoveries, the Materialistic Conception of History and the Class Struggle. I think the reason they give special prominence to this law of Surplus-Value is that, as it is a purely technical theory in economics, it is easier to obscure it with a cloud of sophistry and persuade their willing dupes that they have refuted it. And then they raise the cry that the foundation of Marxian Socialism has been destroyed and that the whole structure is about to tumble down on the heads of its crazy defenders, the Socialists. It is much to be regretted that many so- called Socialists are found foolish enough to play into the hands of the Capitalists by joining in the silly cry that some pigmy in political economy has overthrown the Marxian theory of Value. I suppose these so-called Socialists are actuated by a mad desire to be up to date, to keep up with the intellectual band-wagon. Revolutions in the various sciences have been going on so rapidly, they fancy that a theory that was formulated forty years ago must be a back-number, and so they hasten to declare their allegiance to the last new cloud of sophistry, purporting to be a theory of value, that has been evolved by the feeble minds of the anarchists of Italy or the capitalist economists of Austria. The...