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Marxian Economics: Notes from a Neo-classical Viewpoint

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  • Anjan Mukherji

Abstract

Marxian economics has the twin features of attracting some of the best minds and at the same time being rejected by policymakers world over, even by those who had adopted them to begin with. These features are discussed in this article. It is argued that the first feature is because of the existence of inequality and its worsening and associated poverty, and the difficulty in the continued extraction of surplus is a possible explanation for the second. It is further argued that the labour theory of value is not really essential to the theory of exploitation of workers by capitalists, and we try to establish that Marx was way ahead of his time in setting up the worker–employer relation in modern terms. JEL: A20, B13, B14, B24, B51, D02, D86

Suggested Citation

  • Anjan Mukherji, 2019. "Marxian Economics: Notes from a Neo-classical Viewpoint," Arthaniti: Journal of Economic Theory and Practice, , vol. 18(1), pages 1-16, June.
    • Handle: RePEc:sae:artjou:v:18:y:2019:i:1:p:1-16
    DOI: 10.1177/0976747918814968
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    References listed on IDEAS

    as
    1. Thomas Piketty, 2018. "Brahmin Left vs Merchant Right: Rising Inequality & the Changing Structure of Political Conflict," Working Papers hal-02878211, HAL.
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    3. Marjit, Sugata & Rajeev, Meenakshi (ed.), 2014. "Emerging Issues in Economic Development: A Contemporary Theoretical Perspective," OUP Catalogue, Oxford University Press, number 9780198099062, Decembrie.
    4. K. J. Arrow, 1964. "The Role of Securities in the Optimal Allocation of Risk-bearing," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 31(2), pages 91-96.
    5. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Inequality; labour theory of value; Marxian economics; neo-classical economics; poverty; principal agent problems;
    All these keywords.

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law

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