Marxian Economics: Definition, Theories, Vs. Classical Economics

Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. Marxian economics is a school of economic thought based on the work of 19th-century economist and philosopher Karl Marx. Marxian economics, or Marxist economics, focuses on the role of labor in the development of an economy and is critical of the classical approach to wages and productivity developed by Adam Smith. Marx argued that the specialization of the labor force, coupled with a growing population, pushes wages down, adding that the value placed on goods and services does not accurately account for the true cost of labor. Much of Marxian economics is drawn from Karl Marx's seminal work "Das Kapital," his magnum opus first published in 1867. In the book, Marx described his theory of the capitalist system, its dynamism, and its tendencies toward self-destruction. Much of Das Kapital spells out Marx’s concept of the “surplus

Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. Marxian economics is a school of economic thought based on the work of 19th-century economist and philosopher Karl Marx. Marxian economics, or Marxist economics, focuses on the role of labor in the development of an economy and is critical of the classical approach to wages and productivity developed by Adam Smith. Marx argued that the specialization of the labor force, coupled with a growing population, pushes wages down, adding that