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Classics Today: Smith, Ricardo, Marx

In: New Perspectives on Political Economy and Its History

Author

Listed:
  • Christian Gehrke

    (University of Graz)

  • Heinz D. Kurz

    (University of Graz)

  • Richard Sturn

    (University of Graz)

Abstract

This chapter argues that modern readers can benefit from studying the classics today, because the classical approach to studying an economic system in motion under a cumulative process of division of labour offers a superior starting point for analysing salient properties of capitalist market economies. While modern mainstream economics has adopted, but variously narrowed some of the ideas contained especially in the works of Adam Smith and less so in the works of David Ricardo and Karl Marx, its historical development involved a growing distance and even opposition to the concerns, methods and analytical approaches of the classical economists. This implied a remarkable loss of the huge analytical potentialities offered by the classical economists.

Suggested Citation

  • Christian Gehrke & Heinz D. Kurz & Richard Sturn, 2020. "Classics Today: Smith, Ricardo, Marx," Palgrave Studies in the History of Economic Thought, in: Maria Cristina Marcuzzo & Ghislain Deleplace & Paolo Paesani (ed.), New Perspectives on Political Economy and Its History, chapter 0, pages 171-192, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-42925-6_9
    DOI: 10.1007/978-3-030-42925-6_9
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    Cited by:

    1. Richard Sturn, 2021. "Der Staat heute: Marktversagen und die Voraussetzungen öffentlicher Handlungsfähigkeit," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 47(1), pages 15-39.

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