another article?
Hello once again. I came across an interestingly titled article on Karl Marx, and thought it necessary to read it and see if it had any new information to take into account. The article comes from the site 'Ten Minute Major", and prides itself on giving high-level insights and analysis in ten minutes or less. We must watch and learn, therefore, from the author Bryce Pointer, Mr. Pointer hereon.
He groups his arguments within many sections. The work is an essay, same as this very blog. Only that Mr. Pointer seeks to push a certain agenda which relies on a reader that doesn't know about what he is talking about, and on his own predisposition to misinform. We will break down (or summarize where appropriate) each paragaph's essential ideas along with any anomalies we find.
“How do you tell a Communist? Well, it’s someone who reads Marx and Lenin. And how do you tell an anti-Communist? It’s someone who understands Marx and Lenin.” – Ronald Reagan
He begins with a well known propagandistic quote by Reagan, the author of "trickle down economics", which resulted in the immiseration of the U.S working class. We do not care about his political leanings, but this is worth remembering for the purpose of understanding the goal of his agenda.
Introduction: Priming Poor Logic
I. The author explains his firmly anti-communist stance in relation to the previous quote. States that he has read Marx.
II. Mr. Pointer gives background. He has read and annotated 2000 pages' worth of economic writings. He claims that economic debate boils down to bickering over terms and frameworks (meaning economic models), and that it doesn't seek a unified set of truths. He makes a chain of jokes following from his claim that the economists under consideration use much jargon, and that Marx does the same because he is not an economist.
We do not know what he speaks of when he says economic debate is centered around bickering or avoidance of unified truth. The actual thing he wanted to express was the view that Marx is not an economist. He is in fact an economist.
III. Some more jokes. More importantly, he claims that because he does not understand the words "exchange-value" and "surplus-value", that Marx intentionally overcomplicated the issue. We do not need to go into this currently, it'll come up again later.
IV. His analysis focuses on Volume 1 of Capital. He writes some filler text then actually states his purpose: Showing the fundamental logical errors within Marx's fundamental arguments.
V. He admits that he was biased towards disagreeing with Marx, though by the end mostly disagrees with his logic.
VI. He informs the reader that Adam Smith of classical political economy stated much of the same things that Marx would later write, and that the latter's criticisms are reasonable. Marx himself also openly admitted his work being based on Smith and Ricardo; one could argue that he expressed respect for both's contributions to political economy within his works. Mr. Pointer then says that he did not arrive at those criticisms out of logic, but by reporting on the systemic abuses of 19th century Britain. He is setting up his later explanation of Marx's errors. Cites a passage from Smith's Wealth of Nations about the bourgeoisie's tendency to seek self-enrichment at the expense of the public, i.e. the non-bourgeoisie, to demonstrate Smith's knowledge of the imperfections of capitalism.
VIII. References the joke about Communism being good in theory but bad in practice. He claims that the reality is the contrary, where Marx's explanation is based on good practical examples but 'founded on incredibly poor theory'.
IX. "Thus, where Marx is wrong, he is so spectacularly. And where he is right, he is late to the party."
We will now change into a section by section description
Semantics
Mr. Pointer begins by summarizing some of the first chapters. His references are as follows:
1. Definition of a commodity
2. Sentence from "The fetishism of the commodity and its secret" which he declares to be pretentious. We do not care. We urge the reader to read the quote for themselves in full:
[From the Penguin Edition of Capital vol. 1, pg. 163
"A commodity appears at first sight an extremely obvious, trivial thing. But its analysis brings out that it is a very strange thing, abounding in metaphysical subtleties and theological niceties."
The metaphysical and theological aspects are analogies. What Marx later says is that the form of a product as a commodity within commodity production, makes it appear to a person as being the expression of a relation between commodities instead of a social relation between people. In other words, that when buying something, the workers who have made it are not seen by the buyer, and the buyer much less by the workers or the sellers. Thus we see commodities being related to each other as things, and us related to the commodity instead of the people who created it in the first place. We recommend for the reader to take some time to explore Capital and see what they think for themselves.
3. Use-value and exchange-value. He makes an error here by saying that both of these are sources of value. No such thing is said. Due to this he also makes the mistake that Marx refers to use-value when only saying "value".
[ibid., pg. 126]
"The usefulness of a thing makes it a use-value [...] Exchange value ... the quantitative relation, the proportion, in which use-values of one kind exchange for use-values of another kind."
It is better explained in the book. In short, use-value refers to the physical body of the commodity. Tables, watches, oil lamps, boots, and so on, regarded as furniture, tools, and clothing and nothing else. The exchange-value of a thing refers to the relation in which a thing can be exchanged for another. x tables = y watches = z boots. This explanation does not immediately make sense until later, when money is brought into the equation, where each commodity is compared against money instead of against every other individual commodity. x tables = x money; y watches = y money; z boots = z money. It is not a source of value, but rather its form of appearance.
The real source of Value is explained by Marx as being the "Average Socially Necessary Labour Time" to produce a thing, a labour theory of value. The full explanation we encourage the reader to see for themselves through the marxist internet archive or a physical copy. We do not claim to have cleared it all up here for this reason. We have, however, explained Mr. Pointer's error. He makes the mistake of taking use-value, the qualitative, immeasurable side of the commodity, as its quantitative side, the exchange-value and Value.
Mr. Pointer's next claim should be quoted in full.
"Yet in describing the “two-fold” nature of the labor power necessary to create such commodities and values, Marx suggests a false equivalency: that “skilled labor counts only as simple labor intensified [emphasis original],” and that the value embodied by commodities takes the form of “identical abstract human labor.” This is the first place in which Marx opts to ignore any concept of human capital."
From this we can know two things, 1) That Pointer did not read the full quote and 2) That he doesn't understand abstract human labour. To clear this up we'll see the full quotes he is referencing.
Firstly, pg. 135:
"But the value of a commodity represents human labour pure and simple, the expenditure of human labour in general ... It is the expenditure of simple labour-power, i.e. of the labour-power possessed in his bodily organism by every ordinary man, on the average, without being developed in any special way. Simple average labour ... More complex labour counts only as intensified, or rather multiplied simple labour, so that a small quantity of complex labour is considered equal to a larger quantity of simple labour. Experience shows that this reduction is constantly being made. A commodity may be the product of the most complicated labour, but through its value it is posited as equal to the product of simple labour, hence it represents only a specific quantity of simple labour."
Thus, simple average labour is a basic unit, with complex labour being a higher amount of this simple labour taking place at a higher degree of intensity and focus at a given time. To give an analogy, there is a difference between 1 and 20, but both of them are regardless composed of the same basic unit. 1 is a single unit, and 20 is composed of that amount of units. 1 is only one, and 20 is twenty ones. This does not disparage the work of the baker or the doctor in any way. It only seeks to explain that their complex labour can only be the result of practice, experience and effort on their part to develop the skills necessary to do the work, and likewise for any other kind of work.
Secondly, pg. 137:
"On the one hand, all labour is an expenditure of human labour-power, in the physiological sense, and it is in this quality of being equal, or abstract, human labour that it forms the value of commodities. On the other hand, all labour is an expenditure of human labour-power in a particular form and with a definite aim, and it is in this quality of being concrete useful labour that it produces use-values."
Abstractions are generalized applicable concepts. Here human labour is not all the same in its purpose or level of complexity, but rather is labour in its quality of being labour. The baker's labour is not qualitatively the same as the doctor's labour, and the result of both expenditures is different. What is the same, is that they have both done labour as such. The "virtue" or "skillfulness" of both their jobs is not put into question, but is instead seen for what it is; their work, each useful in its own way.
Mr. Pointer takes his misunderstanding to be a sign of Marx ignoring 'human capital'. The trusty investopedia says that this means the worker's experience and skills. We have seen that Marx did take it into account.
His next section goes off the same error, which begets another one.
"Much of Marx’s argument relies on a premise he states simply, one which has implications for how relative value of commodities affects the relative value of the types of labor embedded in them. He asks: “How is the fact to be expressed that weaving creates the value of linen, not by virtue of being weaving, as such, but by reason of its general property of being human labor?” The underlying prior is that all labor must be of equal value, again ignoring skills and human capital concepts. Yet the conclusion of Marx’s reasoning is that the very setting of equivalences between the value of any two commodities through pricing reflects a discrimination between different types of labor."
We see here that he thinks Marx says that all labour has an equal value. We saw before that it in fact does not. That all labour is equally labour does not mean that every kind of work has the exact same degree of intensity, focus, or experience behind it. 'More complex labour counts only as intensified, or rather multiplied simple labour, so that a small quantity of complex labour is considered equal to a larger quantity of simple labour'. We must examine his conclusion that the equation of value between two commodity prices reflects a discrimination between different types of labour. He does not take into account that wages, money, and therefore prices, do not yet figure in the presentation (pg. 135, note 15): 'The reader should note that we are not speaking here of the wages or value the worker receives for a day's labour, but the value of the commodity in which his day of labour is objectified. At this stage of the presentation ... the category of wages does not exist at all."
Abstracting from his statement, the equation of commodity values in their exchange-value reflecting a discrimination between different types of labour makes no sense in the slightest from what we have just explained, and less so from the standpoint of abstraction. If in the time of 1 working day, 1 oil lamp is made, and in the same time 3 watches are made, the comparison between the two commodity values does not somehow discriminate between types of labour until we take wages into the equation, and even then, the discrimination is not felt by the commodities or the labour objectified in them.
If both commodities still take the same time to make, and their value is embodied in something like $9 to $3 individually, i.e. one lamp and one watch respectively, it takes 1 oil lamp and 3 watches to place them as equivalents, appearing in the money form as "$9 = $3 + $3 + $3" or "$9 = $9". What Mr. Pointer may be referring to is the fact that the watch maker's wages may be lower than that of the oil lamp maker on account of the greater amount of labour required for the lamp's production, which shows money's power to obscure social relations. A short examination did not reveal where this conclusion of Marx's appears, but if any reader catches it, the writer asks that it is posted in the comments so everyone learns something new.
The next quote is not of any interest as it is already obsolete, but it is still necessary to show it.
"The First Error: “All Jobs are the Same”
Here we see the first of Marx’s fundamental errors: the assumption that all forms of human labor are “equal and equivalent”. Such a take is disrespectful toward professions requiring years of study and practice to master, such as medicine."
We have already seen how this entire line of reasoning emerges from a misunderstanding, so we will not repeat it.
His next section on exchange is a summary. The reader is encouraged to read it for themselves to form an opinion.
Metamorphosis section: Contains a minimal amount of useless remarks and is also a summary.
Accumulation of money: Also a summary. Sellers not selling their commodity in order to buy another, but to transform their commodity into its money form and hoard it.
What Makes Capital Different
General formula for Capital: With C-M-C representing the metamorphosis of commodities, the formula for Capital is its inversion, M-C-M, which is buying in order to sell. Since trying to only transform equivalents would be absurd, it must yield a higher amount, a surplus-value M'.
The title of his next section we include due to its hilarity.
The Second Error: Projecting All of Human Greed onto the Rich
We may remark in passing that, with the current state of affairs (December 2025) in comparison to the date of publication (June 2024), the title is erroneous. The act here is not projecting greed onto the rich, it is the accurate conception of the rich as endlessly greedy in their search for eternal enrichment.
This section holds many such-like statements with agenda behind them. Mr. Pointer contends that the former judgment of the rich as greedy is applying a double standard, explained in the following:
"The problem however is that in the same way, people equally seek to profit by barter and exchange of commodities even with no intent of making a money profit(??). In C – M – C, one sells a commodity one does not want, and uses the proceeds to buy a commodity that one does want. The fact that the monetary value is the same does not nullify the fact that the exchange is perceived as a net benefit to the person entering into it—otherwise it would not happen. This subjectivity of use-values would suggest the proper form is therefore C – M – C’, and that by everyday transactions, we all make judgments about what we value and what we do not. How is this pursuit of subjective use-value any less greedy?"
Here he confuses profit with exchange, claiming that people seek to profit even without intending to make a money profit. This while the topic is profit in its monetary form, which has nothing to do with its other meaning as "benefit", which includes but does not exclusively mean the money form. He also makes a new formula, C-M-C', where the C' represents a benefit to a person engaging in exchange, which manifests as the appreciation we give to a use-value, which must never be confused with exchange-value. He then asks if this pursuit of getting things we want isn't any less greedy than capitalist profiteering. Again, considering current affairs, where the Earth's climate has changed, people are enslaved, tortured, murdered, invaded, due to the endless greed of the capitalists, shows his question to be purely rhetorical. The real question is if it actually is less greedy and the answer is no. His next 'illustration' is just as spoony.
"One certainly can argue that the subjectivity of use-values that taste can be said to represent makes it incomparable with the more objective pure exchange-value of money—but they are in fact comparable, as illustration can easily show. A house listed for one price can be bid upon at multiple prices, higher or lower than the listed price. Further, an identical house on the same street may be sold for a different price altogether than the first—what therefore is the value of either house? This could be explained by any number of factors extrinsic to the houses themselves: one family liked the style more, the neighborhood more, or was in a hurry to move quickly. These are matters of taste that are subjective and yet move markets. Marx’s framework leaves no room for these, and therefore his premise betrays a poor understanding of how markets—any markets—work in practice."
He argues that when use-values influence whether or not something is purchased that the exchange-value or the Value for that matter can be taken to be mysterious and undetermined. We have already seen how use-value is the physical body of a commodity, with exchange-value being the relative form of its Value or the necessary labour time taken to produce it. The specific utility of the thing, a house in his example, and the liking a buyer takes to the house does not by itself change the fact of the house taking, say, months of time to be built, or its cost of construction. The seller may change the price, its exchange-value, on account of this to be higher or lower for any reason, based also on the use-value of the house itself changing (beautiful views, safety, etc.), but it evidently does not make the use-value and exchange-value the same thing. Mr. Pointer's own misunderstanding and agenda drive his essay far more than his capacity to read.
His next section on the origin of Surplus-value locates it as taking place not in the sphere of circulation (within only sales and purchases) but in the sphere of production itself. Marx's formula being M – C – L – C’ – M', L= Labour-power.
Labour is a construct section
Here he expected for Marx to present the solution to the problem of wage-labour's mistreatment (which lay outside the field of inquiry because it is to go beyond it), but then argues that a proper counter would be that capitalists have to wait before gaining their profit, and that thus they must truly feel the same misery of labour. That he thought it to be proper is one of the prevailing mysteries of political economy.
He then summarizes Marx's further investigation of the worker's labour-power, which must be regenerated through "a mass of commodities" with an average cost, which makes it possible to calculate the value of this labour-power.
Exploitation
Here Mr. Pointer comes face to face with the illustration of the 12 hour working day where 6 hours of the worker's labour create a value equivalent to that of their wages, with the other 6 hours being done for free. He does not see this as a problem, and will carry his agenda to the ends of the earth to defend the capitalist class.
De Facto Overtime
Mr. Pointer continues on the warpath of misinterpreting Marx. He assumes Marx to state a definite necessary labour-time (the wage equivalent) that is a constant subsistence wage akin to Planck's constant. From the last section, we can see this is false. He then posits as a counter that a worker "turning the crank" twice as fast as another worker would create twice the value. Given the limited nature of his illustration, where turning the crank is a kafkaesque activity with no defined purpose other than turning the crank, it is impossible to tell what it is meant to show. If we observe it from the standpoint of labour-power of a given value, $50 over a whole working day, then we must also come up with the total value the labour-power generates, say $100.
That the worker becomes more productive due to this fastness would alter the unitary cost of each commodity while leaving the total of the working day unchanged. This would not change the hours of necessary labour.
Mr. Pointer then asks how this change would be dealt with, whether by working fewer hours for a higher rate and the same total wage(!!) or a higher wage. The fact of the matter is that if the capitalist gets their way, nothing at all changes about the arrangement, and they are none the richer for it, their commodities only become cheaper.
The next passage contains some considerations which in no way affect the wage-equivalent, as it is given by a worker's individual wages. That a worker spends $20 of their $50 on steak, books or cinema trips in no way affects the total wage. Mr. Pointer also claims that workers enjoy a share of the surplus-value, when this can only apparently be the case when the capitalist must pay their workers' wages out of the surplus-value, but does not change the money into golden tickets. Their wages remain the same in quantity. Their source is the only thing that changes. The same logic of the first point applies to the case of saving up money. That now $10 of the $50 is hoarded up for whatever reason does not change the wages into surplus-value.
He makes the same mistake immediately after, and includes the case of the only goods the workers would be able to obtain to be those of the same seller they work for, which thanks to legal measures "has rendered this a mere 19th century bug, not an indispensable feature of capitalism."
He then claims that "We have over 150 years of evidence that suggests surplus-value is not uniformly distributed among the 'capitalists'." He doesn't provide any source for this claim at this point. He then questions whether "Running water, working indoor toilets, electric lights, telephones, radios, TVs, automobiles, air travel, computers, [and] smartphones" may be considered means of subsistence. Factually speaking, they are means of consumption. Using the example Mr. Pointer makes about a worker wanting to dine out or read a book with a part of their wages, we may consider all of these commodities to be part of the consumption fund for the workers, in some cases an indispensable necessity for their work or their family's work, e.g. computers, smartphones, telephones, TV or air travel. As for running water, toilets and electric lights, these are now a common part of daily life without which a person is not enjoying the same consumption as the rest of society. Mr. Pointer does not think he needs toilets or running water, for all that.
"Thus Marx’s third fundamental error: the assumption that workers are all underpaid and deprived of any value they generate beyond the bare minimum to maintain themselves. Marx will often recur to this fallacy throughout the rest of his work."
His assumption is that all workers are only paid their wages and not their entire value-product. As for the bare-minimum part, there is a reason for the name of 'minimum wage'. The only thing Pointer manages to do is outrun his own conscience.
He gives Marx his due in his summary on the working day.
His section on Productivity lacks some comprehension. We previously saw that higher productivity would cause each individual commodity's value to fall. This because the necessary labour time required to produce each one would decrease, meaning their value would necessarily be less. Mr. Pointer ignores it.
Mr. Pointer briefly considers a change in productivity being sourced from machinery, meaning a fall in variable capital with less labour necessary to produce the same or a higher amount of products. His vision is clear here. Less variable capital (total wages) and higher constant capital necessarily means higher capacity to pull more value out of less workers. His next statement is that a higher degree of productivity from labour becoming skilled necessarily means the value of it increases. In reality, this can happen without a corresponding rise in wages and result in greater surplus-value being taken for free, which does not help his argument.
Section on workplace culture
Here he attempts to misunderstand and misrepresent Marx quite intentionally, demonstrating a serene lack of a desire to educate. Here is Marx's quote:
"[Any average magnitude, however, is merely the average of a number of separate magnitudes all of one kind, but differing as to quantity.] ... each individual laborer, be he Peter or Paul, differs from the average laborer. These individual differences, or ‘errors’ as they are called in mathematics, compensate one another, and vanish, whenever a certain minimum number of workmen are employed together."
Within the full quote (in brackets) we can see that this means that the workers' own differences from the average labour compensate one another and vanish (within a mathematical calculation) once an adequate amount of workers work together to create a day of average social labour. Mr. Pointer takes the deviations or differences from the average labour to mean, within his ever narrowing and vulgar perspective of the world, to mean the qualities related to 'diversity'. We do not know if he means diversity of skill or of backgrounds, but it is clear already that he does not intend for his essay to be a rigorous critique of Marx, or even an educational article.
His next section falls into the same error right before he is able to come to a logical thought, viz. that capitalist division of labour, within manufacture, has the capacity to damage a worker's sanity for their product; but he walks into a rake and suggests this is somehow incompatible with the former assertion he misinterpreted. Indeed, when you misinterpret things you can make them contradict anything.
Simpler time section
He wastes no time after his summary to imply Marx preferred the previous form of society to the one in which he lived, based on the fact he called peasants "that bulwark of the old society". Bulwark means something raised in defense, which means they were a protective barrier for the old society. Mr. Pointer conveniently omits the rest of the quote, where he speaks of "...The irrational, old-fashioned methods of agriculture". From this omission, Mr. Pointer weaves quite a self-indulgent narrative for and by himself, where Marx yearned for a former stage of history. No such thing can be found.
He later posits that workers' (non-existent) share in their own surplus-value is enjoyed by them and thus given a 'seat at the table' with the capitalists. A quote he omits right next to the one he places as justification contradicts this: 'But just as little as better clothing, food, and treatment, and a larger peculium, do away with the exploitation of the slave, so little do they set aside that of the wage worker.'
Surplus Labour Army
Here he attempts to summarize the concept of the Industrial Reserve Army, which is a population of unemployed people used as the capitalist's threat of firing a worker, that if the worker protests, he can just hire another person for cheaper, for example. Mr. Pointer spins this into a narrative that places Marx as some sort of hater of population growth, which Pointer does not in any way prove.
Pointer's Glorious Conclusion
He accuses Marx of taking his work as the sole source of truth. How? He does not explain, because he does not know. He also takes Volumes II and III to not be Marx's work. Engels having edited II from Marx's manuscripts and having constructed III out of the latter's notes, he says, could "technically" make them not be Marx's work. Should read: Makes them technically be the work of Marx and Engels, which is no reason not to read them. Lastly, he takes Volume II to be self-referential. That it builds on the theory of Volume I and critiques other economic works, namely Smith and Ricardo, does not figure in his wooden head to mean that it is Volume II of Capital, which takes from the previous theorization to expand on it, thus referencing a previous part of the work, since the second part must be based on the first.
For all of those reasons, which we have seen to be mostly the cause of Mr. Pointer's own pronounced lack of interest in reading the book accurately, he claims that the book is "profoundly bad for humanity."
The amount of similarities between the argumentation of Bryce Pointer and our own Mr. Wave, i.e. the lack of rigour and agenda-ridden pettiness was a disappointing but altogether unsurprising element within this article. The reader is again encouraged to read the book for themselves.
References
1. The article itself. https://tenminutemajor.com/das-kapital-a-primer-in-poor-logic/
2. Investopedia. What is Human Capital? https://www.investopedia.com/terms/h/humancapital.asp
3. Investopedia. Karl Marx defined as an economist here. https://www.investopedia.com/terms/k/karl-marx.asp