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Economics Project - Essay Example

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Name: Class: Date: Micro and Macro Economics: Discussions on Great Economic Thinkers Discussions on Economic Thoughts of Marl Marx Personal history and concerns Karl Marx was a German philosopher, economist and journalist who lived between 1818 and 1883. He came from a wealthy middle class family and started his revolutionary life early in his career as a journalist where as early 1840s he had started to write controversial articles in newspapers in Germany…
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Economics Project

Download file to see previous pages... He started developing the ‘dialectical materialism’ which addresses the economic order efficiency and its inherent weaknesses and contractions that lead to its own decay/ collapse. The concept attempted to critic capitalism tenets and prediction of its own collapse. His constant revolt against the current rulers saw him exiled in Belguim, France and Britain where he eventually died in London (Heilbroner, 136 - 139). Economic Ideas and concepts Karl Marx is often referred to as the father of Socialism and Communism owing to his Marxist theories and The Communist Manifesto. He was a critique of capitalism which dominating Europe by them after overthrowing feudalism. According to Marx, current tenets of capitalism were not sustainable as they had little regard for laborers who are important in the production process. While critiquing the capitalism, Marx argued that while capitalism was revolutionary, industrializing and driven by universal qualities of development, it exploited and alienated laborer resulting to high unemployment rate. As a result, the system was subjects to depression shocks and the exploitation led to suffering of most laborer. These conditions were the recipes that would lead to class struggle, system decay and eventual collapse of capitalism. In essence therefore, what Marx was suggesting is a form of production process that would give decency to the working class. Such a method of production would be socialism or what is referred to as inexorable system of Karl Marx’ (Heilbroner 167). His assertions make sense when viewed in the light of modern capitalism as modern practices have come to recognize the importance of labor as a factor of production. Most companies are concerned about the welfare of their staff where business objectives are being driven by triple bottom line. Such an approach will most likely reduce tension between owners of capital and laborers. Karl Marx also contributed immensely to labor relations and industrial actions. He viewed the society as comprising of two classes i.e. the owners of capital and laborers who provided labor. According to him there exists a class struggle as each wants to maximize from each other. Unfortunately, the owners of capital who often forms part of the ruling class oppress the workers through long working hours and poor pay. Given the power of the ruling class and increased population, are able to maximize value at the expense of the laborers. Welfare of the workers is not a priority, maximizing surplus value and profit is. Heilbroner (32) noted that the English ruling class ‘failed to understand what fluid and mobile labour force would seek to achieve’. According to Marx, Capitalists optimize the discrepancy between labor markets and produce market to make surplus value. Surplus value is realized when input costs are lower than output price and the surplus according to Marx is taken away from laborer due the imbalance. The surplus value arises from unpaid work as they are only paid enough to keep the body and soul together i.e. to make laborers survive. He noted that in the long run as class struggle continues, the surplus value reduces considerably a situation which forces the owners of capital to rescue their capital. In labor relations, the argument makes sense in that most laborers will go on ...Download file to see next pagesRead More
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