Pure economists recast capital as private saving rather than extracted unpaid labor

Evidence

If the few deserve the position of economic privilege they occupy, everyone else should thank them for the collective “prosperity” they create. Far from being the outcome of unpaid labor, capital as described in the models of pure economists is the result of individuals’ capacity to save and invest, on which the well-being of everyone else depends. — Clara E. Mattei, Escape from Capitalism, 225

Categorization

• XREF: Directly inverts Marx’s labor theory of value; capital here is described as the result of the few’s saving ability rather than the unpaid labor of workers. — connects to: Capital expands by not paying workers for part of their labor — Clara E. Mattei, Escape from Capitalism, 104; British experts justified cutting wealthy taxes by invoking a natural propensity to save — Clara E. Mattei, The Capital Order: How Economists…, 923; Fascist-era economists defined profit as capital’s own productivity, not worker exploitation — Clara E. Mattei, The Capital Order: How Economists…, 1127 (+2 more)