FACTOID # 2: Puerto Rico has roughly the same gross state product as Montana, Wyoming and North Dakota combined.
 
 Home   Encyclopedia   Statistics   States A-Z   Flags   Maps   FAQ   About 
   
 
WHAT'S NEW
 

SEARCH ALL

FACTS & STATISTICS    Advanced view

Search encyclopedia, statistics and forums:

 

 

(* = Graphable)

 

 


Encyclopedia > Marxian economics
Part of a series on
Marxism
Theoretical Works
The Communist Manifesto
Das Kapital
Sociology and Anthropology
Alienation
Bourgeoisie
Class consciousness
Commodity fetishism
Communism
Cultural hegemony
Exploitation
Human nature
Ideology
Proletariat
Reification
Relations of production
Socialism
Economics
Marxian economics
Labour power
Law of value
Means of production
Mode of production
Productive forces
Surplus labour
Surplus value
Transformation problem
Wage labour
History
Anarchism and Marxism
Capitalist mode of production
Class struggle
Dictatorship of the proletariat
Primitive accumulation of capital
Proletarian revolution
Proletarian internationalism
World Revolution
Philosophy
Marxist philosophy
Historical materialism
Dialectical materialism
Analytical Marxism
Marxist autonomism
Marxist feminism
Marxist humanism
Structural Marxism
Western Marxism
Libertarian Marxism
Young Marx
Important Marxists
Karl Marx
Friedrich Engels
Karl Kautsky
Georgi Plekhanov
Vladimir Lenin
Leon Trotsky
Rosa Luxemburg
Mao Zedong
Georg Lukács
Antonio Gramsci
Karl Korsch
Frankfurt School
Louis Althusser
Che Guevara
Criticisms
Criticisms of Marxism
Full list
Communism Portal
This box: view  talk  edit
Note: "Marxian" is not restricted to "Marxian economics," as it includes those inspired by Marx's works who do not identify with "Marxism" as a political ideology.

Marxian economics refers to a body of economic thought stemming from the work of Karl Marx. Marxism takes its name from the praxis (the synthesis of philosophy and political action) of Karl Marx and Friedrich Engels. ... Image File history File links Karl_Marx. ... This article or section does not cite any references or sources. ... Das Kapital (Capital, in the English translation) is an extensive treatise on political economy written by Karl Marx in German. ... Marxs theory of alienation (Entfremdung in German), as expressed in the writings of young Karl Marx, refers to the separation of things that naturally belong together, or to antagonism between things that are properly in harmony. ... This article or section does not cite any references or sources. ... Class consciousness is a category of Marxist theory, referring to the self-awareness of a social class, its capacity to act in its own rational interests, or measuring the extent to which an individual is conscious of the historical tasks their class (or class allegiance) sets for them. ... In Marxist theory, commodity fetishism is an inauthentic state of social relations, said to arise in complex capitalist market systems, where social relationships are confused with their medium, the commodity. ... Communism is an ideology that seeks to establish a classless, stateless social organization based on common ownership of the means of production. ... Cultural hegemony is a concept coined by Marxist philosopher Antonio Gramsci. ... The rate of exploitation is a concept in Marxian political economy. ... Marxs theory of human nature occupies an important place in his critique of capitalism, his conception of communism, and his materialist conception of history. Marx has sometimes been held to deny the existence of any human nature, though this view is now generally accepted to be mistaken. ... Political Ideologies Part of the Politics series Politics Portal This box:      An ideology is an organized collection of ideas. ... The proletariat (from Latin proles, offspring) is a term used to identify a lower social class; a member of such a class is proletarian. ... Reification (German: Verdinglichung, literally: ver-, over + ding: thing + -lichung: as english, -ify) is the consideration of an abstraction or an object as if it had human or living existence and abilities; at the same time it implies the thingification of social relations. ... Relations of production (German: Produktionsverhaltnisse) is a concept frequently used by Karl Marx in his theory of historical materialism and in Das Kapital. ... Socialism refers to a broad array of doctrines or political movements that envisage a socio-economic system in which property and the distribution of wealth are subject to control by the community. ... Labor power (in German: Arbeitskraft, or labor force) is a crucial concept used by Karl Marx in his critique of political economy. ... The law of value is a concept in Karl Marxs critique of political economy. ... Means of production (abbreviated MoP; German: Produktionsmittel), also called means of labour are the materials, tools and other instruments used by workers to make products. ... In the writings of Karl Marx and the Marxist theory of historical materialism, a mode of production (in German: Produktionsweise, meaning the way of producing) is a specific combination of: productive forces: these include human labor-power, tools, equipment, buildings and technologies, materials, and improved land social and technical relations... For the specific theoretical justifications behind the Great Leap Forward and the Five Year Plans, see Theory of Productive Forces. ... Surplus labour is a concept used by Karl Marx in his critique of political economy. ... Surplus value, according to Marxism, is unpaid labour that is extracted from the worker by the capitalist, and serves as the basis for capitalist accumulation. ... In Karl Marxs economics the transformation problem is the problem of finding a general rule to transform the values of commodities (based on labour according to his labour theory of value) into the competitive prices of the marketplace. ... Wage labour is the socioeconomic relationship between a worker and an employer in which the worker sells their labour under a contract (employment), and the employer buys it, often in a labour market. ... Even though anarchist communism and Marxism are two very different political philosophies, there is some similarity between the methodology and ideology of some anarchists and some Marxists, and the history of the two have often been intertwined. ... The capitalist mode of production is a concept in Karl Marx’s critique of political economy. ... Class struggle is class conflict looked at from a Marxist, libertarian socialist, or anarchist perspective. ... The dictatorship of the proletariat is a term employed by Karl Marx in his 1875 Critique of the Gotha Program that refers to a transition period between capitalist and communist society in which the state can be nothing but the revolutionary dictatorship of the proletariat. The term refers to a... Primitive accumulation of capital is a concept introduced by Karl Marx in part 8 of the first volume of Das Kapital (in German: ursprungliche Akkumulation, literally original accumulation or primeval accumulation). Its purpose is to help explain how the capitalist mode of production can come into being. ... A communist revolution is a social revolution inspired by the ideas of Marxism that aims to replace capitalism with communism, normally with socialism (public ownership over the means of production) as an intermediate stage. ... International Socialism redirects here. ... World revolution is a Marxist concept of a violent overthrow of capitalism that would take place in all countries, although not necessarily simultaneously. ... See also Marxian economics Marxist philosophy or Marxist theory designs work in philosophy which is strongly influenced by Karl Marxs materialist approach to theory or which is written by Marxists. ... Historical materialism is the methodological approach to the study of society, economics, and history which was first articulated by Karl Marx (1818-1883), although Marx himself never used the term (he referred it as philosophical materialism, a term he used to distinguish it from what he called popular materialism). Historical... According to many followers of the theories of Karl Marx (or Marxists), dialectical materialism is the philosophical basis of Marxism. ... Analytical Marxism refers to a style of thinking about Marxism that was prominent amongst English-speaking philosophers and social scientists during the 1980s. ... For other meanings of autonomism, see autonomism (disambiguation) page Raised fist, stenciled protest symbol of Autonome at the Ernst-Kirchweger-Haus in Vienna, Austria Autonomism refers to a set of left-wing political and social movements and theories close to the socialist movement. ... Marxist feminism is a sub-type of feminist theory which focuses on the dismantling of capitalism as a way to liberate women. ... The term Marxist humanism has as its foundation Marxs conception of the alienation of the labourer as he advances it in his Economic and Philosophic Manuscripts of 1844--an alienation that is born of a capitalist system in which the worker no longer functions as (what Marx terms) a... Structural Marxism was an approach to Marxist philosophy based on structuralism, primarily associated with the work of the French philosopher Louis Althusser and his students. ... Western Marxism is a term used to describe a wide variety of Marxist theoreticians based in Western and Central Europe (and more recently North America), in contrast with philosophy in the Soviet Union. ... Libertarian Marxism is a school of Marxism that takes a less authoritarian view of Marxist theory than conventional currents such as Stalinism, Trotskyism, and other forms of Marxism-Leninism, as well as a generally less reformist view than do Social Democrats. ... ‘Young Marx’ is one half of the concept in Marxology that Karl Marx’s intellectual development can be broken into two board categories, the other being ‘Mature Marx’. There is disagreement though as to when Marx thought began to mature, Lenin claimed Marxs first mature work as “The Poverty... Karl Heinrich Marx (May 5, 1818, Trier, Germany – March 14, 1883, London) was a German philosopher, political economist, and revolutionary. ... Friedrich Engels (November 28, 1820, Wuppertal – August 5, 1895, London), a 19th-century German political philosopher, developed communist theory alongside his better-known collaborator, Karl Marx, co-authoring The Communist Manifesto (1848). ... Karl Kautsky (October 18, 1854 - October 17, 1938) was a leading theoretician of social democracy. ... G. V. Plekhanov Georgi Valentinovich Plekhanov (Георгий Валентинович Плеханов) (December 11, 1856 – May 30, 1918; Old Style: November 29, 1856 – May 17, 1918) was a Russian revolutionary and a Marxist theoretician. ... “Lenin” redirects here. ...   (Russian: Лев Давидович Троцкий, Lyov Davidovich Trotsky, also transliterated Leo, Lev, Trotskii, Trotski, Trotskij, Trockij and Trotzky) (November 7 [O.S. October 26] 1879 – August 21, 1940), born. ... Rosa Luxemburg Rosa Luxemburg (March 5, 1870 or 1871 – January 15, 1919, in Polish Róża Luksemburg) was a Jewish Polish-born Marxist political theorist, socialist philosopher, and revolutionary. ... “Mao” redirects here. ... Georg Lukács (April 13, 1885 – June 4, 1971) was a Hungarian Marxist philosopher and literary critic in the tradition of Western Marxism. ... Antonio Gramsci (IPA: ) (January 22, 1891 – April 27, 1937) was an Italian writer, politician and political theorist. ... Karl Korsch (August 15, 1886 - October 21, 1961) was a German Marxist theorist. ... Max Horkheimer (front left), Theodor Adorno (front right), and Jürgen Habermas in the background, right, in 1965 at Heidelberg The Frankfurt School is a school of neo-Marxist social theory (which is more akin to anarchism than communism), social research, and philosophy. ... Louis Pierre Althusser (Pronunciation: altuË¡seʁ) (October 16, 1918 – October 23, 1990) was a Marxist philosopher. ... Ernesto Guevara de la Serna (June 14,[1] 1928 – October 9, 1967), commonly known as Che Guevara or El Che, was an Argentine-born Marxist revolutionary, medical doctor, political figure, and leader of Cuban and internationalist guerrillas. ... This article is on criticisms of Marxism, a branch of socialism. ... Marxism takes its name from the praxis (the synthesis of philosophy and political action) of Karl Marx and Friedrich Engels. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Karl Heinrich Marx (May 5, 1818, Trier, Germany – March 14, 1883, London) was a German philosopher, political economist, and revolutionary. ...

Contents

Marxian versus Marxist

The adherents of Marxian economics, particularly in academia, distinguish it from Marxism as a political ideology, arguing that Marx's approach to understanding the economy is intellectually valuable per se, independent of Marx's advocacy for revolutionary socialism or the inevitability of proletarian revolution[citation needed]. It does not lean entirely upon the work of Marx and other widely known Marxists (Lenin, Trotsky, etc.), but may draw from a range of Marxist and non-Marxist sources. His work is seen as the basis for a viable analytic framework and an alternative to more conventional neoclassical economics. Marxism takes its name from the praxis (the synthesis of philosophy and political action) of Karl Marx and Friedrich Engels. ... Socialism refers to a broad array of doctrines or political movements that envisage a socio-economic system in which property and the distribution of wealth are subject to control by the community. ... The proletariat (from Latin proles, offspring) is a term used to identify a lower social class; a member of such a class is proletarian. ... The storming of the Bastille, 14 July 1789 during the French Revolution. ... Vladimir Ilyich Lenin ( Russian: Влади́мир Ильи́ч Ле́нин  listen?), original surname Ulyanov (Улья́нов) ( April 22 (April 10 ( O.S.)), 1870 – January 21, 1924), was a... 1915 passport photo of Trotsky Leon Davidovich Trotsky (Russian: Лев Давидович Троцкий; also transliterated Trotskii, Trotski, Trotzky) (October 26 (O.S.) = November 7 (N.S.), 1879 - August 21, 1940), born Lev Davidovich Bronstein (&#1051... Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ...


Marx and classical economics

Marx's economics took as its starting point the work of the best-known economists of his day, the British classical economists. Among these economists were Adam Smith, Thomas Malthus, and David Ricardo. Adam Smith FRSE (baptised June 5, 1723 O.S. / June 16 N.S. – July 17, 1790) was a Scottish moral philosopher and a pioneering political economist. ... Thomas Robert Malthus, FRS (13th February, 1766 – 29th December, 1834), usually known as Thomas Malthus, although he preferred to be known as Robert Malthus, was an English demographer and political economist. ... David Ricardo (April 18, 1772 – September 11, 1823), a political economist, is often credited with systematising economics, and was one of the most influential of the classical economists, along with Thomas Malthus, and Adam Smith. ...


Smith, in The Wealth of Nations, argued that the most important characteristic of a market economy was that it permitted a rapid growth in productive abilities. Smith claimed that a growing market stimulated a greater "division of labor" (i.e., specialization of businesses and/or workers) and this, in turn, led to greater productivity. Although Smith generally said little about laborers, he did note that an increased division of labor could at some point cause harm[citation needed] to those whose jobs became narrower and narrower as the division of labor expanded. Adam Smith An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776 during the Scottish Enlightenment. ... Division of labour is the breakdown of labour into specific, circumscribed tasks for maximum efficiency of output in the context of manufacturing. ...


Marx followed Smith by claiming that the most important (and perhaps only) beneficial economic consequence of capitalism was a rapid growth in productivity abilities. Marx also expanded greatly on the notion that laborers could come to harm as capitalism became more productive.


Additionally, in Theories of Surplus Value, Marx noted, "We see the great advance made by Adam Smith beyond the Physiocrats in the analysis of surplus-value and hence of capital. In their view, it is only one definite kind of concrete labour—agricultural labour —that creates surplus-value....But to Adam Smith, it is general social labour—no matter in what use-values it manifests itself—the mere quantity of necessary labour, which creates value. Surplus-value, whether it takes the form of profit, rent, or the secondary form of interest, is nothing but a part of this labour, appropriated by the owners of the material conditions of labour in the exchange with living labour."


Malthus' claim, in "An Essay on the Principle of Population", that population growth was the primary cause of subsistence level wages for laborers provoked Marx to develop an alternative theory of wage determination. Whereas Malthus presented an ahistorical theory of population growth, Marx offered a theory of how a relative surplus population in capitalism tended to push wages to subsistence levels. Marx saw this relative surplus population as coming from economic causes and not from biological causes (as in Malthus). This economic-based theory of surplus population is often labeled as Marx's theory of the reserve army of labour. An Essay on the Principle of Population was first published anonymously in 1798. ... Reserve army of labour is a concept in Karl Marxs critique of political economy. ...


Ricardo developed a theory of distribution within capitalism, that is, a theory of how the output of society is distributed to classes within society. The most mature version of his theory, presented in On the Principles of Political Economy and Taxation, was based on a labor theory of value in which the value of any produced object is equal to the labor embodied in the objected. (Adam Smith also presented a labor theory of value but it was only incompletely realized.) Also notable in Ricardo's economic theory was that profit was a deduction from society's output and that wages and profit were inversely related: an increase in profit came at the expense of a reduction in wages. On the Principles of Political Economy and Taxation (1817) is the title of a book by David Ricardo on economics. ...


Marx built much of the formal economic analysis found in Capital on Ricardo's theory of the economy.


Marx's economic theories

Marx's major work on political economy was Capital: A Critique of Political Economy (better known by the German title Das Kapital), a three-volume work, of which only the first volume was published in his lifetime (the others were produced by Engels from Marx's notes). Marx wrote other treatises on economics: Critique of Political Economy, one of his early works, was mostly incorporated into Capital, especially the beginning of Volume I. Marx's notes made in preparing to write Capital were published years later under the title Grundrisse. Political economy was the original term for the study of production, the acts of buying and selling, and their relationships to laws, customs and government. ... The term Engels could refer to more than one thing: Friedrich Engels, German socialist Engels, Russia, formerly known as Pokrovsk This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... The Grundrisse is a lengthy work by the German philosopher Karl Marx, completed in 1858. ...


Marx begins his analysis of capitalism with an analysis of the commodity. The first sentence of Capital, Volume I states: "The wealth of those societies in which the capitalist mode of production prevails, presents itself as 'an immense accumulation of commodities,' its unit being a single commodity." Capital, Volume I is the first of three volumes in Karl Marxs monumental work, Das Kapital, and the only volume to be published during his lifetime. ... In the writings of Karl Marx and the Marxist theory of historical materialism, a mode of production (in German: Produktionsweise, meaning the way of producing) is a specific combination of: productive forces: these include human labor-power, tools, equipment, buildings and technologies, materials, and improved land social and technical relations...


Under the labor theory of value, the direct value of a commodity stems solely from the socially necessary labor time invested in it. But commodities also have a use value (that is, the direct utility gained from an item) and an exchange value (roughly equivalent to its market price, though Marxian economics would measure it in labor time). For example, the use value of a carrot lies in eating it and no longer being hungry, while its exchange value might be found in the quantity of gold (whose true value also lies in the labor which extracted it) which it could be sold for. Socially necessary labour time in Marxist political economy is the source of all value. ... In Marxian political economy, any commodity, i. ... In Marxian political economy, exchange value refers to one of three major aspects of a commodity, i. ...


However, capitalists do not pay workers the full value of the commodities they produce. The gap between the value a worker produces and his or her wages are a form of unpaid labor, known as surplus value. To Marx, this is wage slavery, a central feature of capitalism as a mode of production. In economics, a capitalist is someone who owns capital, presumably within the economic system of capitalism. ... In classical economics and all micro-economics labour is one of three factors of production, the others being land and capital. ... Surplus value, according to Marxism, is unpaid labour that is extracted from the worker by the capitalist, and serves as the basis for capitalist accumulation. ... Wage slavery is a term used to refer to a condition in which a person is legally (de jure) voluntarily employed but practically (de facto) a slave. ... It has been suggested that Definitions of capitalism be merged into this article or section. ...


To understand surplus value, consider a widget that sells for $1,000 that takes a single worker, paid $10 per hour, ten hours to produce. The worker is being paid only $100 to produce the widget, so the remaining $900 is surplus value which is being appropriated by his or her employer. He is thus said to be working for himself for only one of every ten hours.


Moreover, Marx notes that markets tend to obscure the social relationships and processes of production, a phenomenon he termed commodity fetishism. Consumers see a commodity only in market terms. In looking to obtain something as private property, they consider only its exchange value, rather than its labor value. In Marxist theory, commodity fetishism is an inauthentic state of social relations, said to arise in complex capitalist market systems, where social relationships are confused with their medium, the commodity. ...


Criticisms

The neutrality of this article or section is disputed.
Please see the discussion on the talk page.

Ladislaus von Bortkiewicz and other critics have alleged for over 100 years that Marx's value theory and law of the tendency of the rate of profit to fall are internally inconsistent. The inconsistency allegations have been a prominent feature of Marxian economics and the debate surrounding it since the 1970s. Andrew Kliman argues that, since internally inconsistent theories cannot possibly be right, the inconsistency charges serve to legitimate the suppression of Marx's critique of political economy and current-day research based upon it, as well as the "correction" of Marx's alleged inconsistencies.[1] Image File history File links Unbalanced_scales. ... Ladislaus Josephovich Bortkiewicz (August 7, 1868 - July 15, 1931) was a Russian economist and statistician of Polish descent. ... The tendency of the rate of profit to fall, commonly abbreviated to TRPF, is a hypothesis in economics and political economy, generally accepted in the 19th century, but mostly rejected by mainstream economists today. ...


Critics who allege that Marx has been proved internally inconsistent include many former and current Marxian and/or Sraffian economists, such as Paul Sweezy, Nobuo Okishio, John Roemer, and David Laibman[2], who wish the field to be grounded in their "correct" versions of Marxian economics instead of in Marx's critique of political economy in the original form in which he presented and developed it in Capital.[3] Paul Marlor Sweezy (April 10, 1910 – February 27, 2004) was a Marxian economist and a founding editor of the magazine Monthly Review. ... John Roemer is an American economist and political scientist. ... David Laibman is Professor of Economics at Brooklyn College and the Graduate School, City University of New York. ...


Proponents of the Temporal Single System Interpretation (TSSI) of Marx's value theory claim that the supposed inconsistencies are actually the result of misinterpretation; when Marx's theories are understood as "temporal" and "single-system," the alleged internal inconsistencies disappear. Andrew Kliman provides evidence that even critics of Marx and/or the TSSI have come to accept, implicitly or explicitly, that it eliminates the apparent internal inconsistencies in Marx's value theory.[4] What is now known as the Temporal Single-system Interpretation (TSSI) of Marxs value theory emerged in the early 1980s in response to renewed allegations that his theory is riven with internal inconsistencies, and that it must therefore be rejected or corrected. ...


Although hostile critics of the TSSI have alleged that its proponents are "New Orthodox Marxists", the allegations underlying the term N__ 0__ M__ have been made without being accompanied by supporting evidence. Proponents of the TSSI deny the allegations, pointing to the critics' lack of supporting evidence, and they regard the term N__ 0__ M___ as highly incendiary and slanderous, arguing that it impugns the integrity of their research and their findings that vindicate the internal inconsistency of Marx's value theory.[5]


The internal inconsistency allegations are distinct from the critique put forward by Eugen von Böhm-Bawerk, a prominent member of the Austrian School, though the two are sometimes confused and conflated. Allegations of a "transformation problem" in Marx's argument that all profit under capitalism derives from the exploitation of workers may refer either to Bortkiewicz's allegation of an internal inconsistency in Chapter 9 of Volume III of Das Kapital or to Böhm-Bawerk's charge that the price theories of Volumes I and III are incompatible. Eugen von Böhm-Bawerk Eugen von Böhm-Bawerk (February 12, 1851 – August 27, 1914) made important contributions to the development of Austrian economics. ... The Austrian School, also known as the Vienna School or the Psychological School, is a school of economic thought that advocates adherence to strict methodological individualism. ... In Karl Marxs economics the transformation problem is the problem of finding a general rule to transform the values of commodities (based on labour according to his labour theory of value) into the competitive prices of the marketplace. ... Das Kapital (Capital, in the English translation) is an extensive treatise on political economy written by Karl Marx in German. ...


The Austrian School was the first group of liberal economists to systematically challenge Marxian economics. This was partly a reaction to the Methodenstreit, an attack on the Hegelian doctrines of the Historical School. Some Marxist authors have attempted to portray the Austrian school as a "bourgeois reaction" to Marx[citation needed] However, opponents argue that it could not have been a reaction, since Carl Menger wrote his Principles of Economics at almost the same time as Marx was completing Das Kapital. Methodenstreit is a German term referring to an intellectual controversy or debate over epistemology, research methodology, or the way in which academic inquiry is framed or pursued. ... Georg Wilhelm Friedrich Hegel (IPA: ) (August 27, 1770 – November 14, 1831) was a German idealist philosopher born in Stuttgart, Württemberg, in present-day southwest Germany. ... The Historical school of economics was a mainly German school of economic thought which held that a study of history was the key source of knowledge about human actions and economic matters, since economics would be culture-specific and not generalizable over space and time. ... Austrian School economist Carl Menger Carl Menger Carl Menger (February 28, 1840 – February 26, 1921) was the founder of the Austrian School of economics. ... Principles of Economics is a book by economist Carl Menger which is credited with the founding of the Austrian School of economics. ... Das Kapital (Capital, in the English translation) is an extensive treatise on political economy written by Karl Marx in German. ...


The Austrian economists were, however, the first to clash directly with Marxism, since both dealt with such subjects as money, capital, business cycles, and economic processes. Böhm-Bawerk wrote extensive critiques of Marx in the 1880s and 1890s, and several prominent Marxists, including Rudolf Hilferding, attended Böhm-Bawerk's seminar in 1905-06. Rudolf Hilferding (1877 - 1941) was an Austrian Marxist economist and a popularizer of the economic reading of Karl Marx. ...


In contrast, the classical economists had shown little interest in such topics, and many of them did not even gain familiarity with Marx's ideas until well into the twentieth century. Classical economics is a school of economic thought whose major developers include William Petty, Adam Smith, David Ricardo, and John Stuart Mill. ...


Current theorizing in Marxian economics

Marxian economics has been built upon by many others, beginning almost at the moment of Marx's death. The second and third volumes of Das Kapital were edited by his close associate Friedrich Engels, based on Marx's notes. Marx's Theories of Surplus value was edited by Karl Kautsky. Friedrich Engels (November 28, 1820, Wuppertal – August 5, 1895, London), a 19th-century German political philosopher, developed communist theory alongside his better-known collaborator, Karl Marx, co-authoring The Communist Manifesto (1848). ... Karl Kautsky (October 18, 1854 - October 17, 1938) was a leading theoretician of social democracy. ...


More recent economists who have made significant contributions in the Marxian vein include among others Isaak Illich Rubin, Kozo Uno, Thomas T. Sekine, Makoto Itoh, Hans-Georg Backhaus, Helmut Reichelt, Paul Sweezy, Paul A. Baran, Michal Kalecki, Harry Magdoff, Anwar Shaikh, Samuel Bowles, Thomas Weisskopf, E.K. Hunt, Nobuo Okishio, Robert Pollin, Ernest Mandel, Klaus Busch, Roman Rosdolsky, Samir Amin, Richard Wolff, Robert Rowthorn, Riccardo Bellofiore, Ben Fine, John Weeks, Guglielmo Carchedi, Elmar Altvater, Michael Lebowitz, Alan Freeman, Alfredo Saad Filho,Graham Dyer, Costas Lapavitsas, Bruce B. Roberts and Stephen Resnick. Isaak Illich Rubin (* 1886, † 1937 [executed]) was a Russian economist and is considered to be the most important theorist of his time on the field of Marxs theory of value. ... Kozo Uno (* 1897, † 1977) was a Japanese economist and is considered to be one of the most important theorists on the field of Marxs theory of value. ... Thomas T. Sekine (* 1933) is a Japanese economist and is considered to be one of the most important theorists on the field of Marxs theory of value. ... Please wikify (format) this article or section as suggested in the Guide to layout and the Manual of Style. ... Hans-Georg Backhaus (* 1929) is a German economist and philosopher and is considered to be one of the most important theorists on the field of Marxs theory of value. ... Helmut Reichelt (born 1939) is a German economist and philosopher, considered to be one of the most important theorists in the field of Marxs theory of value. ... Paul Marlor Sweezy (April 10, 1910 – February 27, 2004) was a Marxian economist and a founding editor of the magazine Monthly Review. ... Paul A. Baran (1910 - 1964) was an American economist known for his Marxist views. ... Michał Kalecki (22nd June 1899-18 April 1970) was one of the greatest Polish economist. ... Harry Magdoff Henry Samuel Magdoff (August 21, 1913 – January 1, 2006), was a prominent American socialist commentator. ... Anwar Shaikh (born 1928) is a Pakistani author. ... Samuel Bowles is an American economist and Professor Emeritus at the University of Massachusetts, Amherst where he taught courses on microeconomics and the theory of institutions. ... Robert Pollin is an American economist and activist. ... Ernest Mandel Ernest Ezra Mandel, also known by various pseudonyms such as Ernest Germain, Pierre Gousset, Henri Vallin, Walter etc. ... Roman Rosdolsky was an important Marxian scholar and political activist. ... Samir Amin (b. ... Ben Fine is Professor of Economics at the University of Londons School of Oriental and African Studies. ... Time magazine, October 22, 1923 John Wingate Weeks (April 11, 1860–July 12, 1926) was an American politician in the Republican Party. ... Elmar Altvater (born 24 August 1938) was Professor of political science at the Otto-Suhr-Institute of the Free University of Berlin, before retiring on 30 September 2004. ... Stephen A. Resnick (born October 24, 1938) is a North American economist who is well-known for his work (with Richard D. Wolff) on Marxian economics, economic methodology and class analysis. ...


In the United States, the leading academic department for Marxian economics (and heterodox economics more generally) is at the University of Massachusetts Amherst.[citations needed] To meet Wikipedias quality standards, this article may require cleanup. ...


English-language journals include Capital & Class, Historical Materialism, Monthly Review, and Rethinking Marxism. Capital & Class is the journal of the Conference of Socialist Economists (CSE). ... Historical Materialism is an interdisciplinary journal dedicated to exploring and developing the critical and explanatory potential of Marxist theory. ... Monthly Review is a socialist magazine published in New York City. ... Rethinking Marxism is a Marxist quarterly journal of economics, culture and society. ...


See also

Das Kapital (Capital, in the English translation) is an extensive treatise on political economy written by Karl Marx in German. ... The capitalist mode of production is a concept in Karl Marx’s critique of political economy. ... Most generally, the accumulation of capital refers simply to the gathering or amassment of objects of value; the increase in wealth; or the creation of wealth. ... Surplus value, according to Marxism, is unpaid labour that is extracted from the worker by the capitalist, and serves as the basis for capitalist accumulation. ... Surplus product (German: Mehrprodukt) is a concept explicitly theorised by Karl Marx in his critique of political economy. ... Surplus labour is a concept used by Karl Marx in his critique of political economy. ... Labor power (in German: Arbeitskraft, or labor force) is a crucial concept used by Karl Marx in his critique of political economy. ... The law of value is a concept in Karl Marxs critique of political economy. ... Unequal exchange is a concept used in Marxian economics to denote forms of exploitation which commercial trade of any type can involve, if objects of unequal value are being exchanged or traded. ... The value product (VP) is an economic concept formulated by Karl Marx in his critique of political economy during the 1860s, and used in Marxian social accounting theory for capitalist economies. ... Productive and unproductive labour were concepts used in classical political economy mainly in the 18th and 19th century, which survive today to some extent in modern management discussions, economic sociology and Marxist or Marxian economic analysis. ... Socialist economics is a broad, and sometimes controversial, term. ...

Footnotes

  1. ^ Kliman states that "Marx’s value theory would be necessarily wrong if it were internally inconsistent. Internally inconsistent theories may be appealing, intuitively plausible and even obvious, and consistent with all available empirical evidence––but they cannot be right. It is necessary to reject them or correct them. Thus the alleged proofs of inconsistency trump all other considerations, disqualifying Marx’s theory at the starting gate. By doing so, they provide the principal justification for the suppression of this theory as well as the suppression of, and the denial of resources needed to carry out, present-day research based upon it. This greatly inhibits its further development. So does the very charge of inconsistency. What person of intellectual integrity would want to join a research program founded on (what she believes to be) a theory that is internally inconsistent and therefore false?" (Andrew Kliman, Reclaiming Marx's "Capital": A Refutation of the Myth of Inconsistency, Lanham, MD: Lexington Books, 2007, p. 3, emphasis in original). Moreover, the connection between the inconsistency allegations and the lack of study of Marx’s theories was noted by John Cassidy ("The Return of Karl Marx," The New Yorker, Oct. 20 & 27, 1997, p. 252): "His mathematical model of the economy, which depended on the idea that labor is the source of all value, was riven with internal inconsistencies and is rarely studied these days."
  2. ^ "An Error II is an inconsistency, whose removal through development of the theory leaves the foundations of the theory intact. Now I believe that Marx left us with a few Errors II." David Laibman, "Rhetoric and Substance in Value Theory: An appraisal of the new orthodox Marxism," in Alan Freeman, Andrew Kliman, and Julian Wells (eds.), The New Value Controversy and the Foundations of Economics, Cheltenham, UK: Edward Elgar, 2004, p. 17
  3. ^ See Andrew Kliman, Reclaiming Marx's "Capital": A Refutation of the Myth of Inconsistency, esp. p. 210-211.
  4. ^ See Andrew Kliman, Reclaiming Marx's "Capital": A Refutation of the Myth of Inconsistency, pp. 132-36, p. 152, pp. 165-68, pp. 207-08.
  5. ^ David Laibman charges that proponents of the TSSI are "New Orthodox Marxists" who "assert that Marx's formulations, in both the theory of value and the analysis of capitalist accumulation and crisis, are literally and completely correct; that Marx made no errors . . . ." David Laibman, "Rhetoric and Substance in Value Theory: An appraisal of the new orthodox Marxism." In Alan Freeman, Andrew Kliman, and Julian Wells, The New Value Controversy and the Foundations of Economics, (Cheltenham, UK: Edward Elgar, 2004, p. 1, emphases in original. Roberto Veneziani similarly alleges that the TSSI upholds "the literal truth of all [of] Marx’s propositions." Roberto Veneziani, "The Temporal Single-System Interpretation of Marx’s Economics: A critical evaluation," Metroeconomica, Vol. 55, No. 1, 2004, p. 97, emphasis in original. These allegations, however, were not accompanied by supporting evidence. (To verify the absence of supporting evidence in these works for the above claims, see the absence of supporting evidence in these works for the above claims.) Proponents of the TSSI contend that these allegations are false: "We have never said that Marx’s contested insights are necessarily true . . . . We simply say the claims that his value theory is necessarily wrong, because it is logically invalid, are false." Alan Freeman and Andrew Kliman, "Two Concepts of Value, Two Rates of Profit, Two Laws of Motion," Research in Political Economy Vol. 18, 2000, p. 260, emphasis in original. Similarly, Kliman distinguishes between internal consistency on the one hand, and truth or correctness on the other, at least nine different times in Reclaiming Marx's "Capital" (2007). For instance, he writes that the TSSI's ability to eliminate the apparent inconsistencies in Marx's value theory does not imply "that Marx’s theoretical conclusions are necessarily correct. It does imply, however, that empirical investigation is needed in order to determine whether they are correct or not. There is no justification for disqualifying his theories a priori, on logical grounds." Andrew Kliman, Reclaiming Marx's "Capital", p. xiii. Kliman has recently written, "The term N__ O__ M___ is highly incendiary and slanderous, since it impugns the integrity of TSSI research and TSSI findings that vindicate the internal inconsistency of Marx's value theory" (entry of May 24, 2007 [1]

John Cassidy is a magician and balloon sculptor who currently holds the Guinness World Record for the most balloon sculptures made in one hour. ... David Laibman is Professor of Economics at Brooklyn College and the Graduate School, City University of New York. ... David Laibman is Professor of Economics at Brooklyn College and the Graduate School, City University of New York. ... David Laibman is Professor of Economics at Brooklyn College and the Graduate School, City University of New York. ... Alan Fluff Freeman CBE (born July 6, 1927, Melbourne, Australia, died 27 November 2006 London, England) was a well-known disc jockey and radio personality in the United Kingdom. ... Alan Fluff Freeman CBE (born July 6, 1927, Melbourne, Australia, died 27 November 2006 London, England) was a well-known disc jockey and radio personality in the United Kingdom. ...

References

  • J.E. Roemer (1987). "Marxian value analysis," The New Palgrave: A Dictionary of Economics, v. 3, pp. 383-87.
  • Andrew Glyn (1987). "Marxist economics," The New Palgrave: A Dictionary of Economics, v. 3, pp. 390-95.

John Roemer is an American economist and political scientist. ...

External links

  • Marxian Economics
  • The Neo-Marxian Schools
  • Outline of Political Economy e-mail list
  • International working group on value theory

  Results from FactBites:
 
MARXIAN ECONOMICS (2381 words)
Soon after the death of Karl Marx, a Marxian school of economics emerged under the leadership of Marx's inner circle of companions and co-writers, notably Friedrich Engels and Karl Kautsky, both of whom were German.
However, the Marxian school was soon embroiled in a "Revisonist" debate within the ranks - in the humanist challenge issued by Eduard Bernstein against the older materialist interpretation of Marx.
Specifically, Bernstein (1899) challenged the Marxian notion that the economic breakdown of capitalism was "inevitable" and thus if socialism is to exist, it must be a conscious choice, channeled through the political end educational system, rather than a matter of preparing for the "inevitable" revolution.
Economics (3117 words)
Prerequisite(s): Economics 102A, 103A, 107, 108; or consent of instructor.
Critiques of conventional economic theories and consideration of alternative theories and approaches to issues of aggregate economic growth and instability from Marx to the present.
Economics 283K is repeatable to a maxi mum of 8 units.
  More results at FactBites »

 
 

COMMENTARY     


Share your thoughts, questions and commentary here
Your name
Your comments

Want to know more?
Search encyclopedia, statistics and forums:

 


Press Releases |  Feeds | Contact
The Wikipedia article included on this page is licensed under the GFDL.
Images may be subject to relevant owners' copyright.
All other elements are (c) copyright NationMaster.com 2003-5. All Rights Reserved.
Usage implies agreement with terms, 1022, m