“Marx is incontestably one of the greatest and most influential intellectuals of all time, right up there with Aristotle and Augustine. If nothing else, he is worth examining for that reason alone.
But not only for that. Today, as against the neoclassicals who view the capitalist economy as a perfect self-regulating machine, Marx reminds us that capitalism has an inherent tendency towards crisis — and the purer the capitalist institutions, the worse these crises are. His historical grounding is refreshing in an economics profession that is far too often obsessed with arid mathematical theories bearing little or no relationship to reality.
His labor theory of value (something he took from classical economist David Ricardo, mind you) is not strictly correct. However it is certainly true that many if not most workers are being exploited for profit, and that on the other hand many owners of capital receive immense income for which they did nothing. Indeed, all the income growth of the top 1 percent since 2000 has been capital income.”