Skip to main content
8 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 ...
Elias's user avatar
  • 983
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 ...
Giskard's user avatar
  • 29.2k
7 votes

How did classical economists justify the Labour Theory of Value?

The Adam Smith's justification for labor theory was the following argument (Wealth of Nations Book I, Chapter V) [emphasis mine]: The real price of every thing, what every thing really costs to the ...
1muflon1's user avatar
  • 56.7k
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 ...
אהרן רובין's user avatar
5 votes
Accepted

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 ...
luchonacho's user avatar
  • 8,591
5 votes
Accepted

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 ...
EconJohn's user avatar
  • 8,405
5 votes

Marxist Labor Theory of Value Become Obsolete?

Has the Marxist Labor Theory of Value Become Obsolete? Is it currently used for anything? The labor theory of value is no longer used in current economic research. You will not find it in ...
1muflon1's user avatar
  • 56.7k
4 votes
Accepted

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 “...
Samuel Russell's user avatar
4 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 ...
koita_pisw_sou's user avatar
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....
luchonacho's user avatar
  • 8,591
4 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 ...
Kitsune Cavalry's user avatar
  • 6,638
4 votes
Accepted

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 ...
koita_pisw_sou's user avatar
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
Alex Tabarrok's user avatar
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 ...
Dan's user avatar
  • 1,356
4 votes
Accepted

How much average value does 1 working hour produce? ( are there reliable statistics?)

That is a great question. And it depends (famous economics response to anything). Here are some of the factors on, “how much does 1 hour of work produces”: - Persons education and training level - ...
Mike J's user avatar
  • 1,471
4 votes
Accepted

Does the Labor Theory of Value hold in the long term in competitive markets?

No it does not for several reasons. Labor theory of value (LTV) central tenant is that there is some intrinsic component to value determined objectively by labor (see Brue and Grant History of ...
1muflon1's user avatar
  • 56.7k
4 votes

Validity of Marxist critique

Marx build his theories upon a version of Adam Smith's labor theory of value.Smith's labor theory of value posits that ultimately all value is derived from labor. Following Smith Wealth of Nations ...
1muflon1's user avatar
  • 56.7k
3 votes
Accepted

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-...
koita_pisw_sou's user avatar
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 (...
Luís Henrique's user avatar
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 ...
hipHopMetropolisHastings's user avatar
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 ...
EconJohn's user avatar
  • 8,405
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 ...
The Great Bandito's user avatar
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 ...
TheSaint321's user avatar
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 ...
bdempe's user avatar
  • 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 ...
UserFriendly's user avatar
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 ...
AndrewC's user avatar
  • 1,380
3 votes
Accepted

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

I not familiar with Marxist theory, but assuming your equations are right, we can just banter about the math: Given: $I,h$ are both fixed $I*h = \frac{sv + v}{l}$ I would assume in the short run $l$...
RegressForward's user avatar
3 votes
Accepted

Who is Butler in Marx' footnote in Das Kapital?

I googled "The value of a thing is just as much as it will bring." in quotes, and got several hits that show Marx referred to Samuel Butler, the author of Hudibras. Here is one. Here is a another, ...
Giskard's user avatar
  • 29.2k
3 votes

Mathematics of Marxian Economics

Value, Competition and Exploitation by Cogliano, Flaschel, Franke, Fröhlich and Veneziani, Classical Political Economics and Modern Capitalism by Tsoulfidis and Tsaliki provide formalizations of ...
hellpanderr's user avatar

Only top scored, non community-wiki answers of a minimum length are eligible