Marxian economics

Marxian economics

the body of economic analysis deriving from the work of MARX, especially Capital (1867) (see also CLASSICAL ECONOMISTS). The distinctive approach of Marxian economists involves a general analysis of the long-run accumulation of capital, and developments and crises in the capitalist system (see CRISES OF CAPITALISM). While some Marxian economists apply Marx's own ideas rigidly, others, e.g. the work of Paul Baran and Paul Sweezy (1966), offer reinterpretations of these conceptions. For example, the LABOUR THEORY OF VALUE which is central in classical Marxist economics, is rejected by others, e.g. Pierre Sraffa (1960), Steedman et al. (1981), who nevertheless preserve many of Marx's essential insights compared with more orthodox economics (see also EXPLOITATION). Marxian economics has also been of particular importance in recent years in analysis of the world economy – see DEPENDENCY THEORY.