What are their implications for society

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Reference no: EM131091542

Write 3-5 pages paper on this topic. The content of the paper will respond to the topic by including a summary of chapter 9 from History of economic thought (Acritical Perspective) by E. K. Hunt and Mark Lautzenheiser. Karl Marx argued that all value in goods and services (commodities) came from the expenditure of labor in production. Profit, interest, and rent are therefore the results of appropriating the surplus product of workers and hence constitute exploitation of the working class. Many economists argue, to the contrary, that entrepreneurship is a factor of production which adds value to the production process and therefore earns a legitimate return to its exertion. How would you evaluate these two contrasting views, and what are their implications for society?

Reference no: EM131091542

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