Essay

Marxist Economics and Macroeconomics

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Course
ECON125 (ECON125)

Institution
Okanagan College ( )

Select an economic school of thought of your choice as per the “Diversifying the Economics Toolkit” (you are welcome to expand to other schools of thought, a list with additional schools of thought is posted in Moodle) and describe how it could be used to better address one (or more) of the m...

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Uploaded on August 23, 2024
Number of pages 9
Written in 2024/2025
Type Essay
Professor(s) Unknown
Grade A+

marxist economics
principles of macroeconomics

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Marxist Economics and Macroeconomics

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Introduction

Marxist economics is one of the schools of thought that are easily identified in the area of

economics. For many this school of thought can be understood through a comprehensive critique

of capitalism as this is the foundation on which this school of thought is built upon. It provides a

perspective where economics is understood from a socialist lens and conclusively through the

revered system of communism. It calls for a transition to these systems since the economic value

is constructed through work rather than the elements that are observed in a capitalist society.

Marxist economics can be implemented to understand the various macroeconomic goals that

have become essential for any economy.

Labor and Theory.

One of the major factors that define Marxist economics is the labor theory of value. This

theory can be considered the backbone of this school of thought. The theory highlights that the

only way of determining the value of a commodity is by exploring the amount of social labor

that is dedicated to the production of the product. Labor needs to be social and considered

necessary therefore the element of time is also measured using this perspective. Social labor and

time are the factors that the theory put forward as the criteria for constructing the value of a

given commodity. This is a stark contrast to the factors that have come to determine capitalism

and its view on value and the economy in general. Marxists point out that the capitalist system

does not account for the laborers hence the use of wages which ends up hurting the people who

produce these products. The capitalist system according to Marxists is a system that exploits the

laborers since they are given wages that do not match the labor they produce or the price of the

goods that they dedicate their time to produce. Laborers are exploited to generate profit

something that is not acceptable according to Marxist economics. It is also key to note that

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