Marxian economics

MarxianMarxian economistMarxist economicsMarxist economistMarxian theoryMarxistMarxist economic theoryMarxian economistsMarxist economistseconomics
Marxian economics, or the Marxian school of economics, is a heterodox school of economic thought.wikipedia
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Heterodox economics

heterodoxheterodox economistsheterodox economist
Marxian economics, or the Marxian school of economics, is a heterodox school of economic thought.
These might for example include institutional, evolutionary, Georgist, Austrian, feminist, social, post-Keynesian (not to be confused with New Keynesian), ecological, Marxian, socialist and anarchist economics, among others.

Political economy

political economistpolitical economicspolitical economists
Its foundations can be traced back to the critique of classical political economy in the research by Karl Marx and Friedrich Engels.
From an academic standpoint, the term may reference Marxian economics, applied public choice approaches emanating from the Chicago school and the Virginia school.

Crisis theory

economic crisiscrisiscrisis of capitalism
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.
Crisis theory, concerning the causes and consequences of the tendency for the rate of profit to fall in a capitalist system, is now generally associated with Marxist economics.

Marxism

MarxistMarxistsMarxist ideology
Because one does not necessarily have to be politically Marxist to be economically Marxian, the two adjectives coexist in usage rather than being synonymous.
Marxism has had a profound impact on global academia and has influenced many fields such as archaeology, anthropology, media studies, science studies, political science, theater, history, sociology, art history and theory, cultural studies, education, economics, ethics, criminology, geography, literary criticism, aesthetics, film theory, critical psychology and philosophy.

Surplus product

surplusnecessary productsurplus production
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.
Nowadays the concept is mainly used in Marxian economics, political anthropology, cultural anthropology, and economic anthropology.

Labor theory of value

labour theory of valuevaluelabor theory
The most mature version of this theory, presented in On the Principles of Political Economy and Taxation (1817), was based on a labour theory of value in which the value of any produced object is equal to the labor embodied in the object and Smith too presented a labor theory of value, but it was only incompletely realized. Marx employed a labour theory of value, which holds that the value of a commodity is the socially necessary labour time invested in it.
LTV is usually associated with Marxian economics, though it also appears in the theories of earlier classical liberal economists such as Adam Smith and David Ricardo and later also in anarchist economics.

Capital, Volume I

CapitalCapital Vol. 1Capital'' (Volume I)
Marx's theory of economic cycles was formalised by Richard Goodwin in "A Growth Cycle" (1967), a paper published during the centenary year of Capital, Volume I.
It is a central theoretical text in academic Marxian economics, economic sociology, historiography, dialectical logic and other fields.

Capital accumulation

accumulation of capitalaccumulationLaw of accumulation
Certain concepts developed in Marxian economics, especially those related to capital accumulation and the business cycle, have been fitted for use in capitalist systems (for instance, Joseph Schumpeter's notion of creative destruction).
Capital was understood by Marx to be expanding value, that is, in other terms, as a sum of capital, usually expressed in money, that is transformed through human labor into a larger value and extracted as profits.

Exchange value

exchange-valueexchange-valuesValue in exchange
It is closely related to exchange-value, the ratio at which commodities should be traded for one another, but not identical: value is at a more general level of abstraction; exchange-value is a realisation or form of it.

Capitalism

capitalistcapitalistscapitalistic
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. The details of his periodisation vary somewhat through his works, but it essentially is: Primitive Communism – Slave societies – Feudalism – Capitalism – Socialism – Communism (capitalism being the present stage and communism the future).
In mainstream economics, accounting and Marxian economics, capital accumulation is often equated with investment of profit income or saving, especially in real capital goods.

Karl Marx

MarxMarx, KarlMarxist
Its foundations can be traced back to the critique of classical political economy in the research by Karl Marx and Friedrich Engels.

Joseph Schumpeter

SchumpeterJoseph A. SchumpeterJoseph Alois Schumpeter
Certain concepts developed in Marxian economics, especially those related to capital accumulation and the business cycle, have been fitted for use in capitalist systems (for instance, Joseph Schumpeter's notion of creative destruction).
In the journal Monthly Review John Bellamy Foster wrote of that journal's founder Paul Sweezy, one of the leading Marxist economists in the United States and a graduate assistant of Schumpeter's at Harvard, that Schumpeter "played a formative role in his development as a thinker".

Means of production

productive propertydifferent organizations of productionforces
The subjects of labour and instruments of labour together are called the means of production.
The analysis of the technological sophistication of the means of production and how they are owned is a central component in the Marxist theoretical framework of historical materialism and in Marxian economics.

Paul Sweezy

SweezyPaul M. SweezyPaul M Sweezy
Among the critics pointing out internal inconsistencies are former and current Marxian and/or Sraffian economists, such as Paul Sweezy, Nobuo Okishio, Ian Steedman, John Roemer, Gary Mongiovi, and David Laibman, who propose that the field be grounded in their correct versions of Marxian economics instead of in Marx's critique of political economy in the original form in which he presented and developed it in Capital. This approach is associated with Michal Kalecki, Josef Steindl, Paul A. Baran and Paul Sweezy.
Paul Marlor Sweezy (April 10, 1910 – February 27, 2004) was a Marxian economist, political activist, publisher, and founding editor of the long-running magazine Monthly Review.

Nobuo Okishio

Fundamental Marxian theoremOkishio
Among the critics pointing out internal inconsistencies are former and current Marxian and/or Sraffian economists, such as Paul Sweezy, Nobuo Okishio, Ian Steedman, John Roemer, Gary Mongiovi, and David Laibman, who propose that the field be grounded in their correct versions of Marxian economics instead of in Marx's critique of political economy in the original form in which he presented and developed it in Capital.
Nobuo Okishio was a Japanese Marxian economist and emeritus professor of Kobe University.

Business cycle

economic boomboomboom and bust
Certain concepts developed in Marxian economics, especially those related to capital accumulation and the business cycle, have been fitted for use in capitalist systems (for instance, Joseph Schumpeter's notion of creative destruction).
Some theorists, notably those who believe in Marxian economics, believe that this difficulty is insurmountable.

Relations of production

social relationssocial relations of productionProduction relations
Relations of production are the relations human beings adopt toward each other as part of the production process.
One of the theoretical problems in Marxian economics is to distinguish exactly between relations of production and relations of distribution, determining the significance of each in the allocation of resources.

List of Marxian economists

This is an alphabetical list of notable Marxian economists, that is, experts in the social science of economics that follow and develop Marxian economic theory.

Temporal single-system interpretation

Temporal Single System InterpretationCriticismSingle-system interpretation
Proponents of the Temporal Single System Interpretation (TSSI) of Marx's value theory claim that the supposed inconsistencies are actually the result of misinterpretation; they argue that when Marx's theory is understood as "temporal" and "single-system," the alleged internal inconsistencies disappear.
The inconsistency allegations had been a prominent feature of Marxian economics and the debate surrounding it since the 1970s.

Paul A. Baran

Paul BaranBaran, Paul A.
This approach is associated with Michal Kalecki, Josef Steindl, Paul A. Baran and Paul Sweezy.
In 1951 Baran was promoted to full professor at Stanford University and Baran was the only tenured Marxian economist in the United States until his death in 1964.

Unequal exchange

unequal termsUneven exchange
Unequal exchange is a much disputed concept which is used primarily in Marxist economics, but also in ecological economics, to denote forms of exploitation hidden in or underwriting trade.

Socially necessary labour time

socially necessary labor timelabor timenecessary labor time
Marx employed a labour theory of value, which holds that the value of a commodity is the socially necessary labour time invested in it.
One debate in Marxian economics concerns the question of whether the product-values formed and traded include both direct and indirect labour, or whether these product-values refer only to current average production costs (or the value of current average replacement costs).

Surplus labour

surplus laborsurplus-labourlabor surplus
According to Marxian economics, surplus labour is usually uncompensated (unpaid) labour.

Socialism

socialistsocialistssocialistic
The details of his periodisation vary somewhat through his works, but it essentially is: Primitive Communism – Slave societies – Feudalism – Capitalism – Socialism – Communism (capitalism being the present stage and communism the future).
The original conception of socialism was an economic system whereby production was organised in a way to directly produce goods and services for their utility (or use-value in classical and Marxian economics): the direct allocation of resources in terms of physical units as opposed to financial calculation and the economic laws of capitalism (see law of value), often entailing the end of capitalistic economic categories such as rent, interest, profit and money.

Socialist economics

socialist economysocialistsocialist economies
Marxian economics provided a foundation for socialism based on analysis of capitalism, while neoclassical economics and evolutionary economics provided comprehensive models of socialism.