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. More recent economists who have made significant contributions in the Marxian vein include among others Isaac I. Rubin, Paul Sweezy, Paul A. Baran, Michal Kalecki, Harry Magdoff, Piero Sraffa, Joan Robinson, Anwar Shaikh, Samuel Bowles, Kozo U ...

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Marxian economics, Marxian economics - Marxian versus Marxist, Marxian economics - Marx and classical economics, Marxian economics - Marx's economic theories, Marxian economics - Liberal Challenge, Marxian economics - Current theorizing in Marxian economics

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Marxian economics, Marxian economics - Marxian versus Marxist, Marxian economics - Marx and classical economics, Marxian economics - Marx's economic theories, Marxian economics - Liberal Challenge, Marxian economics - Current theorizing in Marxian economics

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Marx built on, and critiqued, the best-known economists of his day, the British classical economists. These were the same "bourgeois economists" that modern pro-capitalist economists credit as the founding fathers of their discipline, such as Adam Smith and David Ricardo. Marx (and Ricardo and Smith) based much of their work on the labor theory of value. Most economists no longer subscribe to the labor theory of value, which has been superseded by the Austrian theory of subjectivism. Subjectivism states that things do not have inherent ...

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Marxian economics, Marxian economics - Marxian versus Marxist, Marxian economics - Marx and classical economics, Marxian economics - Marx's economic theories, Marxian economics - Liberal Challenge, Marxian economics - Current theorizing in Marxian economics

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Marx wrote: "Life is not determined by consciousness, but consciousness by life". He assumes that man's ability to think, and the quality of his thoughts depend largely on the quality of the life he lives.

Marx's thrust is primarily to improve the living conditions of man, a pre-condition for intellectual growth. Marx thus attributes primacy to living by establishing a hierarchy of 'living' and 'thinking'. Descartes' cogito ergo sum (I think, therefore I am) can be placed antithetically to Marx's perception. The Cartesian proposition, which is translated as "I think, therefore I exist", subverts the Marxian hierarchy by attributing primacy to 'thinking'.

(See also: Peace on Earth, Peace of Mind, Love and Happiness, Life and Beyond, Body Mind and Soul)

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Value added refers to the additional value created at a particular stage of production or through image and marketing. In modern neoclassical economics, especially in macroeconomics, it refers to the contribution of the factors of production, i.e., land, labor, and capital goods, to raising the value of a product and corresponds to the incomes received by the owners of these factors. The factors of production provide "services" which raise the unit price of a product (X) relative to the cost per unit of interme ...

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Value added - Method of calculation Value added - Example calculation Value added - National Accounts Value added - Marxian interpretation

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The word commodity is a term with distinct meanings in business and in Marxian political economy. For the former, it is a largely homogenous product, whereas for the latter, it refers generically to wares offered for exchange. Linguistically, the word commodity came into use in English in the 15th century, being derived from the French word "commodité" meaning "benefit, profit", similar in meaning to biens (goods). The Latin root meaning is commoditas, referring variously to the appropriate measure of some ...

Including:

Commodity - Business usage
Commodity - Definition Commodity - Examples Commodity - Branding
Commodity - Marxian usage
Commodity - General Commodity - Characteristics of commodity Commodity - Illustration Commodity - Historical origins of commodity trade Commodity - Forms of commodity trade Commodity - Cost structure of commodities Commodity - References

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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. In economics, accounting and Marxian economics, capital accumulation is often equated with investment, especially in real capital goods. But Capital accumulation can refer to either real investment in tangible means of production, or financial investment in paper assets, or investment in non-productive physical assets such as residential real estate, or "human capital accumulation," i.e., new education and trai ...

Including:

Capital accumulation - Harrod-Domar model Capital accumulation - Psychology sociology and ethics of capital accumulation Capital accumulation - Marxian concept of capital accumulation Capital accumulation - The rate and measurement of accumulation Capital accumulation - The origin of capital accumulation in trade Capital accumulation - The circuit of capital accumulation from production Capital accumulation - Simple and expanded reproduction Capital accumulation - Different forms of capital accumulation Capital accumulation - Capital accumulation as social relation Capital accumulation - Regime of accumulation Capital accumulation - Environmental criticism of capital accumulation Capital accumulation - Capital accumulation and risk Capital accumulation - Capital accumulation and military wars Capital accumulation - New developments in capital accumulation Capital accumulation - A few references to works of theory

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Image:AGF2a.jpg Andre Gunder Frank (Berlin, February 24, 1929 – Luxembourg, April 23, 2005) was a Marxian German economic historian and sociologist who was one of the founders of the Dependency theory in the 1960s. Frank was born in Germany, but his family fled the country when Adolf Hitler was elected Chancellor. Frank received schooling in several places in Switzerland, where his family settled, until they emigrated to the United States in 1941. Frank was educated at Swarthmore College as an undergraduate and at the Univers ...

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Andre Gunder Frank - Works and Ideas Andre Gunder Frank - External link

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Socialism Part of the Politics series History of socialism Democratic socialism Christian socialism Communism Libertarian socialism Social democracy Egalitarianism Democracy Equality of outcome Class struggle Proletarian revolution Marxism Anarchism Trade unionism Internationalism Utilitarianism Mixed economy Socialist economics Social ...

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Marxism - The Hegelian roots of Marxism Marxism - The political-economy roots of Marxism
Marxism - The liberal challenge
Marxism - Class analysis Marxism - Marxist revolutions and governments
Marxism - Marx's views on the structure of communist society Marxism - The October Revolution
Marxism - Criticisms
Marxism - Other articles about Marxism

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In classical economics and all micro-economics labour is a measure of the work done by human beings and is one of three factors of production, the others being land and capital. There are macro-economic system theories which have created a concept called human capital (referring to the skills that workers possess, not necessarily their actual work), although there are also counterposing macro-economic system theories that think human capital is a contradiction in terms. Labour economics - Compensation and measurementIncluding:

Labour economics - Compensation and measurement Labour economics - Marxian economics Labour economics - Types of labour

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Economists distinguish between five major kinds of unemployment, i.e., cyclical, frictional, structural, classical, and Marxian. (Another distinction, not discussed here, is between voluntary and involuntary unemployment.) Real-world unemployment may combine different types, while all five might exist at one time. The magnitude of each of these is difficult to measure, partly because they overlap and are thus hard to separate from each other. All but cyclical unemployment can be seen as existing at full employment, the level of

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In Karl Marx's critique of political economy, the law of accumulation refers to the way in which the accumulation of capital necessarily develops in the capitalist mode of production. The growth of capital proceeds via an increase in the organic composition of capital and goes together with the proletarianization of the population. More and more of the labor force consists of people dependent on a wage or salary for a living. Marxian economists usually distinguish between the absolute and relative immiseration of ...

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Law of accumulation, Law of accumulation - Brian Tracy, Law of accumulation - Marxian economics

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In Marxian economics, it is argued that price theory must be firmly grounded in the real history of economic exchange in human societies. Money-prices are viewed as the monetary expression of exchange-value. Exchange-value can however also be expressed in trading ratios between quantities of different types of goods. In Marxian economics, the increasing use of prices as a convenient way to measure the economic or trading value of labor-products is explained historically and anthropologically, in terms of the development of the ...

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Price, Price - Conventional definition, Price - Marxian price theory, Price - Austrian theory

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In Marxian economics, the aim of labor economics is to provide insight and guidance for the optimal allocation of co-operative human labour. However, this optimality is not simply viewed as a "technical variable" as in micro-economics, because workers are not simply a "factor of production", but human beings who organise themselves and each other. Forms of labour co-operation can be oppressive, irrational and exploitative, or they can be beneficial, rational, or effective. That is to say, labor economics has a political dimension insofar as different workers and employers have different interests. There is a w ...

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Labour economics, Labour economics - Compensation and measurement, Labour economics - Marxian economics, Labour economics - Types of labour

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In Marxian economics, the aim of labour economics is to provide insight and guidance for the optimal allocation of co-operative human labour. However, this optimality is not simply viewed as a "technical variable" as in micro-economics, because workers are not simply a "factor of production", but human beings who organise themselves and each other. Forms of labour co-operation can be oppressive, irrational and exploitative, or they can be beneficial, rational, or effective. That is to say, labour economics has a political dimension insofar as different workers and employers have different interests. There is a w ...

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Labour economics, Labour economics - Compensation and measurement, Labour economics - Marxian economics, Labour economics - Types of labour

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Commodity - General. In classical political economy and especially Karl Marx's critique of political economy, a commodity is simply any good or service offered as a product for sale on the market. Some items are also seen as being treated as if they were commodities, e.g. human labour or labor-power, works of art and natural resources, even though they may not be produced specifically fo ...

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Commodity, Commodity - Business usage, Commodity - Definition, Commodity - Examples, Commodity - Branding, Commodity - Marxian usage, Commodity - General, Commodity - Characteristics of commodity, Commodity - Illustration, Commodity - Historical origins of commodity trade, Commodity - Forms of commodity trade, Commodity - Cost structure of commodities, Commodity - References

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Karl Marx's concept of the value product is similar to the national accounting concept of net national product, or net value added. It is equal to the sum of labor-compensation (variable capital) and surplus-value (pre-tax profit income). The argument is that the labour force produces a new value equivalent to its own wage-cost, plus a surplus-value. Neoclassical economics regards the incomes constituting added value as the reward for services rendered. In his critique of political economy Marx saw them as results of p ...

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Value added, Value added - Method of calculation, Value added - Example calculation, Value added - National Accounts, Value added - Marxian interpretation

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The equation of new value added with net output or GDP (also known as gross value added) would have made no sense to Marx, mainly because net output includes depreciation (or the consumption of fixed capital), yet excludes various property rents paid by producing enterprises from their gross income (on the ground that renting out an asset does not itself constitute production) as well as a portion of net interest (regarded as property income). As regards depreciation, for Marx the value of real depreciation at lea ...

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Value product, Value product - Definition, Value product - An additional comment by Marx, Value product - Marxian new value added versus GDP, Value product - Criticism & controversy

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The large-scale transformation of simple commodity production into capitalist production based on the wage labour of employees occurred only in the last two centuries of human history. It is preceded by the strong growth of merchant trade, supported by financiers who earn rents, profit and interest from the process. The merchants not only act as intermediary between producers and consumers, but also integrate more and more of production into a market economy. That is, more and more is produced for the purpose of market trade, rather than for own use. The initial result is ...

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Simple commodity production, Simple commodity production - Origins, Simple commodity production - Relations of production, Simple commodity production - From simple commodity production to capitalist production, Simple commodity production - Marxian economics

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Karl Marx defined class in terms of the extent to which an individual or social group has control over the means of production. In Marxist terms a class is a group of people defined by their relationship to the means of production. Classes are seen to have their origin in the division of the social product into a necessary product and a surplus product. Marxists explain the history of civilized societies in terms of a war of classes between those who control production and those who actually produce the goods or services in society (a ...

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Social class, Social class - Sociological class, Social class - Weberian class, Social class - Dimensions of sociological class, Social class - Stratum models of class, Social class - Warnerian social class model, Social class - Marxian class, Social class - Proletarianisation, Social class - Dialectics or historical materialism in Marxist Class, Social class - Objective and subjective factors in class in Marxism, Social class - Non-economic conceptions of class, Social class - Class in different parts of the world

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