Marx’s Method

Marx’s method represents a distinctive approach to the study of political economy and is often considered to be an alternative to methodologies employed in economic analysis that are based on the natural sciences. It is important to note that Marx arrived at economics via philosophy and his analysis has its roots in social theory. As a result, Marxian political economy can be considered to be much more comprehensive in its analysis than other schools of economic thought. However, the distinctive nature of the approach leaves it open to criticism from more ‘orthodox’ methodologies. In particular, Popper (1972) argues that Marx employs ‘historicism’ in his view that there is a law of historical development, and this leads Marx to adopt ‘economic determinism’, which for Popper is not acceptable because human behaviour is individual in character and can therefore change the course of history. However, this charge made by Popper does not stand close scrutiny, as Marx would undoubtedly agree that this could be the case but that, while human beings do make their own history, it is not under conditions of their own choosing. Rather, they are constrained by the institutional and social structures that are associated with the phase of development in which they exist.