Marxian economics

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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.
References in periodicals archive ?
Schwarz wrote back in 1960, "Classical Marxist economics advocated the collective ownership of land, but the Communists came to power in Russia and China by the reverse policy of the distribution of land, making everybody a little capitalist.
They cover such contextual issues as the crises of Marxism and the transformation of capitalism, Marxism as developed in Marxist-Leninism to France and Italy at the end of the twentieth century, Anglo-Saxon Marxism, and the new Marxist economics.
Moreover, it was not too long ago that Keynesian and Marxist economics held equal sway in the world's universities.
Building his argument, he describes how liberal economics, Keynesian economics and Marxist economics inform each other and how an integrated perspective leading to a political and moral economy of conflict prevention can work, the horizontal inequality approach and why certain theories of internal conflict are outdated, the structure and culture necessary for a social economy of conflict prevention, and how values, ethics and interests based on human rights can produce development.