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.
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This volume compiles and annotates selected correspondence between Marxist economists Paul A.
But those geographers and sociologists (and cultural theorists), in their own ways, had the tiger by the tail, while the Marxist economists, I think, had thought the tiger was still safely lassoed and tied down by their theory.
The 2007-9 global financial crisis poses different problems for different schools of economics, with mainstream economists largely having failed to anticipate the systemic danger posed by the securitization of mortgages and the housing bubble; post-Kenyesians, particularly those influenced by Minsky, more aware of the systemic risk, but failing to propose anything more than "business as usual" responses; and Marxist economists failing to account for the overwhelming financial nature of the crisis while attempting to tie it to a crisis of overproduction.
Meanwhile, the Marxist economists suggest a radical change of the economic system, removing private property for the means of production.
Marxist economists have tried to do this for generations but were too crippled by their own class privilege to communicate to the masses effectively.
In short, "to speak of a Ricardo-Marx tradition can only be misleading for both bourgeois and Marxist economists.
Yet, ironically, most Marxist economists believe that the former USSR and the Eastern Bloc and Asian 'communist' governments instigated policies and practices that were a far cry from those of modern Western Marxists (see, for instance, Sherman 1995).
However, he does not include Marxist economists in this group as he believes that they are largely irrelevant as long as they continue to cling to the labour theory of value and the falling rate of profit hypothesis.
Social, institutional and Marxist economists have always raised questions about capitalist ideology, but they have been less successful in indicating an alternative institutional structure.
Among Marxist economists there are currently two contrasting approaches-the empiricists and the rational interpreters of Marx.
One thousand radical sociologists, but no Mills,' he charges, as if waving a list of the ivory-tower offenders; "three hundred critical literary theorists but no Wilson; scads of Marxist economists but no Sweezy or Braverman; urban critics galore but no Mumford or Jacobs.
There were some Marxist economists in the academy before 1945, but by the middle 1950s they had all but disappeared.