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Warren Buffet, Class Warfare, and the Exploitation Theory

Penned By George Reisman
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Warren Buffet, Class Warfare, and the Exploitation Theory

Penned By George Reisman
4.85 75,847 Ratings
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Editor's Note:
The first part of this very short book is a critique of the views expressed by the multi-billionaire Warren Buffett on the subjects of class warfare, taxation, and The Giving Pledge. The second part, which is a section of my book Capitalism: A Treatise on Economics, goes deeper and seeks to overturn the foundations of Buffett's and most other people's ideas concerning the relationship between profits and wages.At least since the time of Adam Smith, it has been believed that profits, interest, and all other income that is not wages (or salaries) is a deduction from what is naturally and, by implication, rightfully, wages. This view is the starting point of the Marxian exploitation theory, which seeks to explain what determines the extent of this alleged deduction and finds the answer in a distorted version of the classical economists' labor theory of value. But this same view is no less the starting point of the most important critic of the Marxian exploitation theory, namely, the great Austrian economist Böhm-Bawerk, who differs from Marx in concluding that, because of time preference, profits (interest) are a justified deduction from what is originally all wages.In opposition to Smith, Marx, Böhm-Bawerk, and all who share their ideas, the theory that I propound is that the original, primary form of income is not wages but, however ironically, profits. Developing the implications of this major finding and anticipating and answering the questions that come to mind in connection with it occupies a substantial portion of both parts of this book. The most important of these implications is the demonstration of a harmony of the self-interests of wage earners and capitalists. This, in turn, has enormous implications for the way people view such major economic issues as capitalism versus socialism, economic freedom versus government controls, income and inheritance taxation, and labor and social legislation.This little book offers an unprecedentedly powerful defense of capitalism and economic freedom in the space of a comparatively few pages. It is offered as an introduction to the author's major work Capitalism: A Treatise on Economics, which is a state of the art defense of capitalism and economic freedom in virtually all of their aspects.

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Length 59 Pages
Language En-GB
Imprint TJS Books
Released August 6, 2012
Identifier (ISBN) 17914523
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George Reisman
The Mind Behind the Work
George Reisman

George Reisman is a writer and avid reader based in the Pacific Northwest. Before pursuing writing full-time, they spent over a decade working in education. When not working on their next book, George Reisman can usually be found hiking with their dog or trying out new coffee shops in their neighborhood.

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Joshua Adams
Joshua Adams May 20, 2025
"I thoroughly enjoyed the elegance of it. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A solid 4 stars from me."
Karen Johnson
Karen Johnson January 18, 2024
"Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author."
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Joseph Gonzalez
Joseph Gonzalez October 04, 2024
"Not entirely to my refined tastes. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Perhaps more aligned with a different audience's tastes."
Mary Cruz
Mary Cruz February 18, 2025
"Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars."
Sharon Robinson
Sharon Robinson April 03, 2024
"A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading."
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David Lewis October 17, 2025
"A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre."
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William Mitchell July 15, 2024
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Rebecca Turner
Rebecca Turner March 08, 2025
"Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. Worth every moment spent reading."
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Mark Lopez March 30, 2024
"Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel."
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William Garcia July 23, 2024
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"Absolutely brilliant. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author."
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"I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars."
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"Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading."
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Daniel Garcia
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"Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem."
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"Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading."
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"Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre."
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"Exceeded all my expectations. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author."
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"Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An absolute must-read for connoisseurs of the genre."
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"I thoroughly enjoyed the elegance of it. The middle had a deliberate pace, but the climax was phenomenal. A wonderful companion for a quiet weekend."
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"Took a moment to build, but the payoff was spectacular. A brilliant concept executed with flair. Just a few pacing choices I would change. A very distinguished novel."
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"Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author."
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"A highly sophisticated read. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A wonderful companion for a quiet weekend."
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"Took a moment to build, but the payoff was spectacular. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel."
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"Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. A true literary gem."
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"A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author."
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"Exceeded all my expectations. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem."
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"Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An absolute must-read for connoisseurs of the genre."
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"Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece."
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"Exceeded all my expectations. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece."
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"Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author."
Linda Lopez
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"Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre."
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"A decent, if standard, experience. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Perhaps more aligned with a different audience's tastes."
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"Not entirely to my refined tastes. Certain acts were fascinating, while others felt like a slight endeavor to complete. Unlikely to reread, but a reasonable expenditure of time."
Sharon Robinson
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"Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend."
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"I thoroughly enjoyed the elegance of it. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall."
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"Absolutely brilliant. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem."
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Amanda Robinson
Amanda Robinson April 01, 2025
"Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading."
Anthony Evans
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"Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author."
Michelle Hall
Michelle Hall November 08, 2025
"Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author."
Steven Martinez
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"A very strong entry. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall."
Linda Gonzalez
Linda Gonzalez October 14, 2025
"Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author."
Anthony Cruz
Anthony Cruz November 05, 2024
"Exceeded all my expectations. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading."
Amanda Hall
Amanda Hall January 30, 2025
"Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An effortless 5 stars."
Matthew Rivera
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"Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece."
Mary Clark
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"Absolutely brilliant. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars."
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"Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre."
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"Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem."
Richard Adams
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"Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. Worth every moment spent reading."
Patricia  Davis
Patricia Davis May 18, 2024
"A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading."
William Lewis
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"Excellent, though slightly flawed. It held my rapt attention, even when certain twists were telegraphed. Quite impressive overall."
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"Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre."
Joseph Martinez
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"I thoroughly enjoyed the elegance of it. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel."
Kevin Hall
Kevin Hall February 25, 2025
"I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece."
Gary Hernandez
Gary Hernandez September 18, 2025
"Masterpiece from start to finish. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre."
Eric Wilson
Eric Wilson November 07, 2025
"A very strong entry. A brilliant concept executed with flair. Just a few pacing choices I would change. A very distinguished novel."
Anthony Green
Anthony Green October 02, 2025
"A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem."
Michael Clark
Michael Clark July 26, 2024
"Absolutely brilliant. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author."
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"Absolutely brilliant. I adored how the story unfolded. It kept me captivated without sacrificing elegance. Worth every moment spent reading."
Joshua Anderson
Joshua Anderson July 11, 2024
"I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars."
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Richard Green July 07, 2024
"I was completely blown away. I adored how the story unfolded. It kept me captivated without sacrificing elegance. A true literary gem."
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"A highly sophisticated read. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel."
Stephanie Williams
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"A very strong entry. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall."
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"Took a moment to build, but the payoff was spectacular. A brilliant concept executed with flair. Just a few pacing choices I would change. Quite impressive overall."
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