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The concept of surplus is central in the analysis of capitalism. From the Marxian literature we can identify two main approaches: on the one hand, the concept of surplus developed by Marx based on the distribution of time worked between workers and capitalists; while on the other, the concept of...
Persistent link: https://www.econbiz.de/10013099946
The concept of surplus is central in the analysis of capitalism. From the Marxian literature we can identify two main approaches: on the one hand, the concept of surplus developed by Marx based on the distribution of time worked between workers and capitalists; while on the other, the concept of...
Persistent link: https://www.econbiz.de/10013101106
The propositions advanced by Marx and Smith on the relation between labor and prices are examined, with particular emphasis on income distribution, within a non-Walrasian setting including joint production and heterogeneous labor. Among its contributions, the paper introduces the concept of...
Persistent link: https://www.econbiz.de/10013074814
The aim of this essay is to join the discussion on an important issue in economic theory like is the money. For this, we shall analyse an important theory in economics; this theory was proposed by Karl Marx, where the money has a great importance to understand the development of the economic...
Persistent link: https://www.econbiz.de/10013153140
Today, Karl Marx is considered one of the preeminent social scientists of the last two centuries, and ranks among the most frequently assigned authors in university syllabi. However in Marx's time, many competing sociological traditions and socialist political movements espoused similar ideas...
Persistent link: https://www.econbiz.de/10012836632
Marx made significant contributions to macroeconomics, laying the grounds for both Keynes's theory of aggregate demand and Schumpeter's theory of creative destruction. His law of the tendency of the rate of profit to fall parallels Alvin Hansen's theory of secular stagnation which has recently...
Persistent link: https://www.econbiz.de/10012954595
Marxism,” wrote the American legal historian William E. Nelson in 1985, “is not about to disappear as an attractive … ideology or as a powerful political force in the world.” The prediction was not well timed. The Marxism of the socialist bloc … Marxism, meanwhile, was enmeshed in its own deep theoretical crisis, impaled on the stake of materialist determination, and …
Persistent link: https://www.econbiz.de/10012941956
Marx's theory of money is critiqued relative to the advent of fiat and electronic currencies and the development of financial markets. Specific topics of concern include (1) today's identity of the money commodity, (2) possible heterogeneity of the money commodity, (3) the categories of land and...
Persistent link: https://www.econbiz.de/10013018685
Marx did not confine himself to criticising capitalism. He predicted the rise of a new mode of production which would take the place of capitalism and which he indifferently termed socialism or communism. In the light of this, the author thinks that even today those who do not envisage the...
Persistent link: https://www.econbiz.de/10013040226
Austrian economist Ludwig Mises’s central role in the socialist calculation debates has been consensually acknowledged since the early 1920s. Yet, only recently, Nemeth, O’Neill, Uebel, and others have drawn particular attention to Mises’s pertinent encounter with one of the most colorful...
Persistent link: https://www.econbiz.de/10012607642