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Marxist Economics

The term Marxist (or Marxian) economics refers to the branch of economics that is based on the theories created and advocated by Karl Marx, a highly influential thinker, especially when one considers how much of the world’s population has been, at one point or another in the twentieth century, under the control of governments that claim themselves to be Marxist to varying degrees.

Perhaps the most central principal that underlies Marxist economics is known as the labor theory of value. It posits that the value of any item can be known by determining the amount of time it takes to make it. (The theory has since been proven false and has been overtaken by the theory of subjectivism which states that value is not inherent but rather determined by desire for the item.) The theory already existed before Marx adopted it, but he took it to a new level by including laborers as one of the commodities. He referred to this as labor power, and believed that the commodity being sold was the labor of the employee for the price of a wage. Thus, he said, the value of this commodity (the employee’s labor) should be based on the number of labor hours it takes society to make him fit for work (through feeding, clothing, etc.)

Web Resources On Marxist Economics

Concise Encyclopedia of Economics
Wikipedia: Marxist Economics

Book Resources On Marxist Economics

Marxian Economics by Ernest Untermann
Marxian Economics: The New Palgrave by Murray Milgate (Editor)

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