Essay

Marxist Economics and Macroeconomics

3 views 0 purchase

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...

[Show more]

Preview 2 out of 9 pages

View example

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

CA$12.38

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

1

Marxist Economics and Macroeconomics

Student’s Name

Affiliation

Instructor

Course

Date

, 2

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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller essayhelp. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$12.38. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

56326 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling