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 ?
One was that energy in Marxian economics came to be devoted to explaining how to measure the value of output and the resulting rate of profit.
He wrote his first book Marxian Economic Theory in 1973 followed by Applied Econometrics in 1976 and Marxian Economics in 1979.
(1942) An Essay on Marxian Economics, Macmillan, London.
However, Nitzan's critique of Marxian economics lay not with the contradictions inherent in its framework.
has been attempted by dozens of economists of all countries [but] has never before been done so well." Responding to criticisms that Sweezy was a Marxist, Schumpeter wrote to the dean: "Whether we accept Marxian economics or not, it is of sufficient importance in economic thought to justify the task of propounding it from the standpoint of which it was conceived." (7) Dunlop, however, received the tenured appointment.
In his concluding chapter, "Marxian Economics versus Newtonian Christianity," Phipps argues that Newton's work as an abolitionist defied Karl Marx's famous claim that religion functioned as a narcotic that desensitized people to economic injustices--including slavery.
Upon reading Joan Robinson's 1942 Essay on Marxian Economics he admitted to being "left with the feeling, which I had before on less evidence, that he had a penetrating and original flair but was a very poor thinker indeed."(6)
Traditional Marxian economics courses also take up the students' time at the expense of modern economics.
One of the great deans emeritus of Marxian economics, he is at the University of California at Santa Cruz, and is the founder of Capitalism, Nature, Socialism: A Journal of Socialist Ecology published since 1990.
58), the substitution of institutional economics for Marxian economics provided the necessary bridge to pragmatism after 1912.
What makes his case so powerful is that it rests not upon an external criticism, or an attack on one position based on the assumptions of another, but an internal criticism that accepts the aims and values of the theory being criticized (in this case, neoclassical economics or Marxian economics).
To consider some of these alternatives, I shall begin by tracing the history of Marxian economics in Japan, before going on to look at some of the critical approaches taken by contemporary Japanese scholars.