The problem with Marx, for me, is that he relied on the growth of industry to create an abundance of wealth that would satisfy everyone's needs, but he did not take into account that some resources are not material in nature, such as time and social status. Capitalism can quantify abstracts into material representations (money -> time and social status), whereas Marx had no way, as far as I'm aware, of creating an abundance of intangible satisfactions. In fact, that may be impossible where the desires are hierarchical in nature, since there can never be an abundance of top performers due to the relative nature of the rankings.
Among other things, yes. That's just a slogan, but it's based in the rest of Marx's theories, obviously.
> but he did not take into account that some resources are not material in nature, such as time and social status.
These things would factor into the 'socially necessary' aspect of 'socially necessary labor time,' I'd imagine, but what I will say is that thinkers who have built on top of Marx absolutely address these issues. Debord, for example, with his 'society of the spectacle,' which specifically address social status (see aphorisms 60 and 61) and time (the entirety of part 5).
The problem with Marx, for me, is that he relied on the growth of industry to create an abundance of wealth that would satisfy everyone's needs, but he did not take into account that some resources are not material in nature, such as time and social status. Capitalism can quantify abstracts into material representations (money -> time and social status), whereas Marx had no way, as far as I'm aware, of creating an abundance of intangible satisfactions. In fact, that may be impossible where the desires are hierarchical in nature, since there can never be an abundance of top performers due to the relative nature of the rankings.