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Influential Economic Views of Karl Marx - Research Paper Example

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This paper explores the biography of Karl Marx and discusses his economic views, primarily his famous theory of labor, which were expounded in his renowned work “Capital”. Marx as an economic theorist composed the idea of communism, which included all people having all property and infrastructure…
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Influential Economic Views of Karl Marx
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Influential Economic Views of Karl Marx

Download file to see previous pages... Until lately, nearly half of the world’s population lived under authorities that claim to be Marxist. It shows that Marx’s works have been modified and his meaning changed to fit a variety of political circumstance. Furthermore, the fact that many of Marx writings delayed publication means it is only recently that his intellectual stature has been appreciated by scholars. Marx as an economic theorist composed the idea of communism which included all people having all the property and infrastructure. His theories played a significant part in international politics especially late 20th century during the cold war. Marx his work is unique as it polemic other thinkers frequently happened through critique. As a result he has been given in social science first great use of critical method. His attempt to distinguish key findings from ideology prejudices by use of equating metaphysics, speculative philosophy with ideology. This has placed him apart from present day philosophers. Theory of labor value This theory is the science of political economy to show how under capitalization working people are exploited. It also shows how capitalist society operates. This value is fundamental in understanding of the capitalism economics since capitalism production of commodity par excellence. And, theory of labor value essentially explains what determines a commodity value (World Socialist Movement 2012). According to Karl, the basic unit of the capitalist economic structure is the commodity. Labor theory of value by Marx was inherited from classical school. He basically used Ricardo’s theory of value which states that commodities in...
This paper offers comprehensive analysis of the contribution of the renowned social scientist, historian, revolutionary and philosopher Marx to the economic branch of knowledge.It is argued in the paper, that Marx labor theory of value has a primary role in ethnical and ideological issues. He shows that property income sources are often unearned or exploitative incomes. This is accomplished by his assumption that surplus value can only be created by one commodity which is labor. Marx consistently maintained this position through his analysis. Therefore, one can conclude that the surplus value sole creator is capital.
His theory of labor value is the science of political economy to show how under capitalization working people are exploited. It also shows how capitalist society operates. This value is fundamental in understanding of the capitalism economics since capitalism production of commodity par excellence. And, theory of labor value essentially explains what determines a commodity value . According to Karl, the basic unit of the capitalist economic structure is the commodity. Labor theory of value by Marx was inherited from classical school. He basically used Ricardo’s theory of value which states that commodities in their prices. He stated that, commodities should have certain measurable amounts that should be common in all of them.
Labor is one of the main thing in ensuring a stable economy. Therefore, it should be taken seriously and exploitation of workers should be minimized. ...Download file to see next pagesRead More
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