Marxist economics
Surplus value analysis
Marxist economics is an approach to understanding capitalism based on the theories of Karl Marx.
Central concepts include the labor theory of value—that commodities derive worth from the labor required to produce them—and surplus value, the profit extracted when workers are paid less than the value they create.
Marxist analysis treats class conflict between workers and capital owners as the engine of historical change: The professor approached income inequality from a Marxist economics perspective.
- commodity fetishismObjects veil production relations
- surplus valueProduction minus wages paid
- collective ownershipJoint holding by many
- overproductionExcessive manufacture beyond need
- class struggleConflict between economic groups
class consciousness · means of production · underconsumption · alienation · wage slavery · exploitation · workers' councils · social relations · financialization · late capitalism · imperialism · feudalism · inequality · proletariat · socialism · communism · bourgeoisie · commodification
Marxist economicslaissez-faire economics
Minimal state economic involvement
neoliberalism · classical liberalism · Austrian economics · supply-side economics · Reaganomics
Marxist economicscapitalism
Private profit-based economy
free enterprise · individualism · private enterprise · trickle-down economics · corporatism
Marx, Marxism, Marxist, Marxists, economic, economics, economical, economically, economy