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17 votes
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How is freelancing viewed under Marxism?

Marx addresses this about two-thirds of the way through Section 1 of the Manifesto. In the standard English edition of 1888, it reads: The lower strata of the middle class - the small tradespeople, ...
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16 votes

How do Marxist economists solve the Diamond-Water Paradox?

The Labor Theory of Value has been replaced by the theory of Marginal Utility, which was already accepted by Marx time. In fact he acknowledged: "nothing can have value, without being an object of ...
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15 votes

Is Marx considered an important classical economist?

Among economic historians, Marx is often considered the most important economist of the 19th century. His attempts to provide a systematic explanation of the functioning of capitalism was on a far ...
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  • 492
8 votes

Have there been any true "communist" nations as Marx envisioned?

(I am not certain of whether I use established English terminology here). The answer is no, because in a communist state (as described by Marx), there are no markets, especially, markets for ...
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8 votes

Term for fraction of economic value earned?

You seem to be looking for the phrase 'wage share' or 'share of labour compensation'. Wage share: The wage share (or labor share) is the ratio between compensation of employees (according to the ...
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7 votes

Core elements of Marxist Economics

From reading a selection of writings by Marx, I have come to understand the following three as the core elements of Marxian economics. The labour theory of value. It asserts that the exchange value ...
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7 votes

Is Marx considered an important classical economist?

Marx is indeed an influential classical economist, however he added almost nothing to economics as a discipline. His theories of labor value, exploitation and modes of production were all articulated ...
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5 votes

How do Marxist economists solve the Diamond-Water Paradox?

A Marxian view of the Diamond-Water Paradox would be that diamonds are scarce and expensive BECAUSE they require a lot of labor to produce (at the margin), while water is cheap because it can be ...
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  • 418
5 votes
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Accounting for machines in the labor theory of value

"I have read that the Labour Theory of Value holds that the value of a good or service is determined by the total amount of labour involved in its production." That would be Adam Smith's version of ...
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5 votes

Where does capital come from?

Material capital is any durable good that is used as a factor of production and, by virtue of being durable, it is gradually consumed in production over a maximum possible duration of a length that is ...
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5 votes

How does Marx economics get evaluated in modern economics?

Here are some comments on Marx from people who can certainly not be called marxists. If Karl Marx and V. I. Lenin were alive today, they would be leading contenders for the Nobel Prize in ...
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5 votes
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What does Marx mean by "the division between capital and labor"?

Two main changes happened when capitalism came into existence these being the ability to buy and sell property among the peasantry. Under the feudal system each household was endowed land which was ...
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4 votes
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Is Marx considered an important classical economist?

There is a major disciplinary specification problem here: “who is an economist?” At the time Marx was active as an author (including posthumously with Engels) the field of knowledge was known as “...
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4 votes

Quantitative Marxian/Marxist micro and macro economic models?

There is a very interesting paper by John Roemer, published in Econometrica in 1980, that presents a mathematical general equilibrium Marxian model. I am not sure someone have ever estimated it though....
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4 votes
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How does Marx economics get evaluated in modern economics?

Your question is complex. First of all, what is science? Not even methodologists have settled this question. Falseability, testeability, a method? (great read here). Second, what do you mean by ...
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4 votes
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Distance transported used to price goods in Marxism

Quantities of products are not increased by transportation. Nor, with a few exceptions, is the possible alteration of their natural qualities, brought about by transportation, an intentional ...
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4 votes

mathematical marxian models

Paul Samuelson wrote a series of papers formalizing Marxian economics, e.g. https://www.sciencedirect.com/science/article/pii/B9780123567505500177
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4 votes

Labor time and the exchange value (Marx). What about the quality of the raw materials?

The example you've picked is slightly complicated, because I think there are two possible reasons for the difference in price. Both could contribute at the same time, depending on your view of how ...
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3 votes

How to make sense of so many conflicting theories and ideas in the field with an open mind? Is every school of economic thought as valid as the rest?

This is how I view it. At the very core of economics, is each and every human on this earth making decisions he or her thinks are in his or hers best interest. In real life, we do not calculate ...
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3 votes

Do contemporary Marxist economists still deny the utility/value theory which underpins classical economics?

Conteporary Marxist economist Richard D Wolff says on the issue (abridged): The labor theory of value is not a theory is not a theory of prices. The prices of things is determined based on whats ...
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  • 7,685
3 votes

Do capitalists in the Marxism world view create value?

I'm not a Marx expert, but I've read The Capital some years ago and as far as I can remember Marx said that only the workers produce value. All others' wages (and the workers' wages too!) and other ...
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3 votes

How do Marxist economists solve the Diamond-Water Paradox?

There is a lot of misunderstanding here. First, LTV only operates in capitalist societies. In capitalist society, production is guided by the market, without anyone coordinating between the various ...
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3 votes

Have there been any true "communist" nations as Marx envisioned?

I think an excellent example of communist societies would be small tribal societies, before the industrial revolution. Means of production were generally shared and workers generally worked to benefit ...
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3 votes

Have there been any true "communist" nations as Marx envisioned?

No. Importantly, the conditions for the creation of a Marxist communist state has never occurred. Namely, the identification of workers along class lines over nationalist lines. Soviet totalitarian ...
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  • 308
3 votes

How do Marxist economists solve the Diamond-Water Paradox?

It's amusing to me that everyone gets taught that the LTV was all Marx. Here is Adam smith resolving that paradox for you: From wikipedia: Value "in use" is the usefulness of this commodity, its ...
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3 votes

Quantitative Marxian/Marxist micro and macro economic models?

One (perhaps flippant) answer is that Marxists have a lot of ideas about how prices "should" work or how the value of labor "should" be rewarded, that aren't in line with what we observe, because ...
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3 votes

Is skills or abilities of the worker taking in consideration in Marx law of value?

Labour power is a commodity like any other. Its value is consequently a function of the labour embodied in it. Taking your example, product A (a webpage) takes 10 hours you need special skills (...
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3 votes
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Marx: Relative and equivalent-form. Difference?

It has nothing to do with new products in the market, nor with confusion of use-value and exchange-value. To make it a bit simpler: 1) Commodities in capitalism have a two-fold character. The use-...
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3 votes

Marxist Economics: Understanding Capitalist Exploitation through "speed up" or increase in intensity

Though I'm certainly no expert in Marxist economic theory, I think he's presenting it as an "if you can figure out a way of speeding workers up, then you can generate additional surplus from their ...
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