Comments about the rule of law, the concept itself, the misconceptions, and its effects on the lives of people. Not meant only for lawyers, but for all those who want to rely on laws and not on the whims of leaders
Karl Marx added two qualifications to a pure theory of labour as the only source of value. In both he admitted the role of individual preferences. Nevertheless Marx failed to see the implications of those concessions. I will try to show that both, which are meant to rescue the theory from obvious objections, amount in fact to a recognition that his theory is wrong.
Marx adopted the theory of value ready made by Smith, Malthus, and Ricardo. They had just assumed without much discussion that human labour is the only source of economic value. However, Smith never followed the theory strictly, Ricardo admited exceptions, and Malthus later rejected it altogether . The modern theory that we know under the not entirely satisfactory names of marginalist or subjective, came just when Marx had given the final touches to his theory, and apparently he never took notice of it