School

Marxian economics

Overview

Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian economists tend to accept the concept of the economy prima facie. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other; in many cases Marxian analysis is used to complement, or to supplement, other economic approaches. An example can be found in the works of Soviet economists like Lev Gatovsky, who sought to apply Marxist economic theory to the objectives, needs, and political conditions of the socialist construction in the Soviet Union, contributing to the development of Soviet political economy.

Marxian economics concerns itself variously with the analysis of crisis in capitalism, the role and distribution of the surplus product and surplus value in various types of economic systems, the nature and origin of economic value, the impact of class and class struggle on economic and political processes, and the process of economic evolution.

Marxian economics—particularly in academia—is distinguished from Marxism as a political ideology, as well as from the normative aspects of Marxist thought: this reflects the view that Marx's original approach to understanding economics and economic development is intellectually independent from his own advocacy of revolutionary socialism. Marxian economists do not lean entirely upon the works of Marx and other widely known Marxists, but draw from a range of Marxist and non-Marxist sources.

Considered a heterodox school, the Marxian school has been criticized by claims relating to inconsistency, failed predictions, and scrutiny of nominally communist countries' economic planning in the 20th century. According to economists such as George Stigler and Robert Solow, Marxist economics are not relevant to modern economics, having "virtually no impact" and only "represent[ing] a small minority of modern economists". However, some ideas of the Marxian school have contributed to mainstream understanding of the global economy. Certain concepts developed in Marxian economics, especially those related to capital accumulation and the business cycle, have been fitted for use in capitalist systems; one such example is Joseph Schumpeter's notion of creative destruction.

Marx's magnum opus on critique of political economy was Das Kapital (Capital: A Critique of Political Economy) in three volumes, of which only the first volume was published in his lifetime (1867); the others were published by Friedrich Engels from Marx's notes. One of Marx's early works, Critique of Political Economy, was mostly incorporated into Das Kapital, especially the beginning of volume 1. Marx's notes made in preparation for writing Das Kapital were published in 1939 under the title Grundrisse.

Overview adapted from Wikipedia (CC BY-SA 4.0; see the article history for authors).

Possible passages

Found by search and not yet checked by a person; they may only mention the idea in passing.

In bourgeois society living labor is but a means to increase accumulated labor. In Communist society accumulated labor is but a means to widen, to enrich, to promote the existence of the laborer. In bourgeois society, therefore, the past dominates the present; in Communist society, the present dominates the past. In bourgeois society capital is independent and has individuality, while the living person is dependent…
Karl Marx, Manifesto of the Communist Party
States what Marxian economics is; the author is tied to Marxian economics in the knowledge graph.
Read the chapter · Open in the reader
I must call attention to the fact, by the way, that the views here set out were, for by far the most part, developed and established by Marx, and only to a very slight degree by myself, so that it is understood that I have not represented them without his knowledge. I read the entire manuscript to him before sending it to press and the tenth chapter of the section on Political Economy was written by Marx and…
Friedrich Engels, Landmarks of Scientific Socialism
States what Marxian economics is; the author is tied to Marxian economics in the knowledge graph.
Read the chapter · Open in the reader
His advance in the direction of Communism was the turning-point in Owen's life. As long as he was simply a philanthropist, he was rewarded with nothing but wealth, applause, honor, and glory. He was the most popular man in Europe. Not only men of his own class, but statesmen and princes listened to him approvingly. But when he came out with his Communist theories, that was quite another thing.
Friedrich Engels, Socialism, Utopian and Scientific
The author is tied to Marxian economics in the knowledge graph.
Read the chapter · Open in the reader

Marxian economics

Overview

Possible passages

Philosophers who discussed Marxian economics

Related ideas

Place in the tradition