Value is subjective. Labor is the only way anything is produced…it literally is Proof of Work.
Dr. Wolff who has a PHD in economics, study Austrian economics at multiple top schools, criticizes capitalism using historical data. If you did read him, you would know he pushes for Worker Cooperatives as a solutions. Do you know what worker cooperatives are?
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yes, that's been tried too. In Italy and partially in Spain. He tries to make a case for syndicalism. Which is probably even less viable then pure socialism.