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 ?
Ernest Mandel, a Marxist economist and political theorist, once wrote:
If you didn't believe that, you couldn't be a Marxist economist.
Tsakalotos, a low-key Oxford University-trained Marxist economist, was at the finance helm when Greece and its creditors produced an 86 billion-euro loan accord on August.
Speaking with a student, a Marxist economist from China finishing up a Fulbright fellowship, he asked the student if he found anything surprising during his stay in America.
However Sir Alan Beith, the former Liberal Democrat MP for Berwick, who taught at Newcastle University's politics department in the 1970s, said it was surprising that a Marxist economist would have emerged from the institution.
Although strident criticism of the way Greece has been treated is typical for Varoufakis, a Marxist economist, the remarks caused a stir in Germany where voters and politicians are increasingly reluctant to lend Greece money.
Kliman (2012: 218), for instance, includes a link to an audio-recorded debate he had with the French Marxist economist Gerard Dumenil at a conference in New York in 2010.
Thus the noted Marxist economist Rudolf Hilferding was 'smug', 'arrogant', 'senile doctrinaire', and, 'owing to his connections with bankers and smart businessmen' he was 'evasive' (p69).
The result was that "the outstanding present-day English Marxist economist, Maurice Dobb, assigns a role to underconsumption which is distinctly secondary to that of the falling tendency of the rate of profit" (179).
Paul Sweezy, who died recently at 93, was this country's best-known Marxist economist.
Through his academic sponsor, the Marxist economist Paul Baran, he got to know the left-wing leader of the long-shoreman's union Harry Bridges.