MARXIAN ECONOMICS Meaning and
Definition
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Marxian economics refers to the economic theories and principles developed by Karl Marx, a prominent 19th-century philosopher, economist, and social scientist. Marxian economics is a branch of social and economic theory rooted in communism and based on the critical analysis of the capitalist mode of production.
Marxian economics explores the inherent contradictions and dynamics of a capitalist society, focusing on the relationship between the working class (proletariat) and the capitalist class (bourgeoisie). It emphasizes the exploration of industrial capitalism and the class struggle that arises as a result of the unequal distribution of wealth and power.
One of the central tenets of Marxian economics is the labor theory of value, which posits that the value of a product or service is determined by the amount of socially necessary labor time required for its production. Marx argued that capitalists exploit the surplus value created by the labor of workers, extracting profits and perpetuating the exploitation of the proletariat.
Marxian economics also examines the theory of historical materialism, which asserts that the socioeconomic structure of a society determines its political and intellectual history. It emphasizes the dialectical relationship between the forces of production and the relations of production, suggesting that societal change occurs through class conflict and the eventual overthrow of capitalism.
Marxian economics has had a significant influence on various fields such as sociology, political science, and philosophy, and it continues to be a subject of study and debate in contemporary economic discourse.
Common Misspellings for MARXIAN ECONOMICS
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Etymology of MARXIAN ECONOMICS
The word "Marxian" is derived from the name Karl Marx, the 19th-century German philosopher, economist, and political theorist who is best known for his works on capitalism, socialism, and communism.
Marxian economics refers to the economic theories and analysis developed by Marx and his followers. Marx's major economic work, "Das Kapital", outlined his critique of capitalism and proposed a theory of historical materialism, which suggests that the economic structure of society shapes its social and political organization.
Therefore, the term "Marxian economics" simply combines Marx's name with the study of economics to designate the economic theories associated with Marx's writings and ideas.
