Can you describe what class conflict is according to Marx?
Karl Marx described class conflict as a struggle between the proletariat and the bourgeoisie. In this context, the proletariat refers to workers who sell their labour for a living. The bourgeoisie refers to capitalists who instead gained income from owning capital. Marx believed class conflict was inherent to society and would with time inevitably result in the proletariat rising up against what he perceived to be exploitation by the bourgeoisie. He described the income earned by the bourgeoisie as surplus which rightly belonged to the workers but was extracted by the capitalists.

Modern economics rejects Marx's views, noting instead that the income gained by capitalists functions as compensation for risk-taking and serves a key purpose in encouraging innovation and entrepreneurship.
Give an example of a time when the income gained by a capitalist was used to take a risk and resulted in a key innovation.
One example of a time when a capitalist's income was used to take a risk and resulted in a key innovation is the story of Steve Jobs and Steve Wozniak and the founding of Apple Inc.

In the 1970s, Steve Jobs was working in the computer industry and had saved up enough money to take a risk on starting a new business. He teamed up with Steve Wozniak, an engineer who had designed a personal computer in his free time. With Jobs' savings, they were able to start Apple Computer, and the company released its first product, the Apple I, in 1976.

The Apple I was a hit, and the company continued to innovate, releasing the Apple II in 1977, which became one of the first successful mass-market personal computers. Jobs' risk in starting Apple and Wozniak's engineering talent combined to create a key innovation in the computer industry that changed the world forever.

This example highlights the role that capitalist income, risk-taking, and innovation can play in driving economic growth and shaping the future.