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Marxist Economist
Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian economists tend to accept the concept of the economy prima facie. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other; in many cases Marxian analysis is used to complement, or to supplement, other economic approaches. Because one does not necessarily have to be politically Marxist to be economically Marxian, the two adjectives coexist in usage, rather than being synonymous: They share a semantic field, while also allowing both connotative and denotative differences. Marxian economics concerns itself variously with the analysis of crisis in capitalism, the role and distribution of the surplus product and surplus value in various types of economic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heterodox Economics
Heterodox economics is any economic thought or theory that contrasts with orthodox schools of economic thought, or that may be beyond neoclassical economics.Frederic S. Lee, 2008. "heterodox economics," '' The New Palgrave Dictionary of Economics'', 2nd Edition, v. 4, pp. 2–65 Abstract. These include institutional, evolutionary, feminist, social, post-Keynesian (not to be confused with New Keynesian), ecological, Austrian, complexity, Marxian, socialist, and anarchist economics. Economics may be called '' orthodox'' or ''conventional'' economics by its critics.C. Barry, 1998. ''Political-economy: A comparative approach''. Westport, CT: Praeger. Alternatively, mainstream economics deals with the "rationality–individualism–equilibrium nexus" and heterodox economics is more "radical" in dealing with the "institutions–history–social structure nexus". A 2008 review documented several prominent groups of heterodox economists since at least the 1990s as working tog ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Evolutionary Economics
Evolutionary economics is part of mainstream economics as well as a heterodox school of economic thought that is inspired by evolutionary biology. Much like mainstream economics, it stresses complex interdependencies, competition, growth, structural change, and resource constraints but differs in the approaches which are used to analyze these phenomena. Some scholars prefer to call their evolutionary theory by a different names. Samuel Bowles named it "evolutionary social science" and Joachim Rennstich called it "evolutionary systems theory". Evolutionary economics deals with the study of processes that transform economy for firms, institutions, industries, employment, production, trade and growth within, through the actions of diverse agents from experience and interactions, using evolutionary methodology. Evolutionary economics analyzes the unleashing of a process of technological and institutional innovation by generating and testing a diversity of ideas which discover and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Ricardo
David Ricardo (18 April 1772 – 11 September 1823) was a British political economist. He was one of the most influential of the classical economists along with Thomas Malthus, Adam Smith and James Mill. Ricardo was also a politician, and a member of the Parliament of Great Britain and Ireland. Personal life Born in London, England, Ricardo was the third surviving of the 17 children of successful stockbroker Abraham Israel Ricardo (1733?–1812) and Abigail (1753-1801), daughter of Abraham Delvalle (also "del Valle"), of a respectable Sephardic Jewish family that had been settled in England for three generations as "small but prosperous" tobacco and snuff merchants, and had obtained British citizenship. Abigail's sister, Rebecca, was wife of the engraver Wilson Lowry, and mother of the engraver Joseph Wilson Lowry and the geologist, mineralogist, and author Delvalle Lowry. The Ricardo family were Sephardic Jews of Portuguese origin who had recently relocated from the Dut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adam Smith
Adam Smith (baptized 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as "The Father of Economics"——— or "The Father of Capitalism",———— he wrote two classic works, ''The Theory of Moral Sentiments'' (1759) and '' An Inquiry into the Nature and Causes of the Wealth of Nations'' (1776). The latter, often abbreviated as ''The Wealth of Nations'', is considered his ''magnum opus'' and the first modern work that treats economics as a comprehensive system and as an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of God’s will and instead appeals to natural, political, social, economic and technological factors and the interactions between them. Among other economic theories, the work introduced Smith's idea of absolute advantage. Smith studied social philosophy at the University of Glasgo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grundrisse
The ''Grundrisse der Kritik der Politischen Ökonomie'' (''Foundations of a Critique of Political Economy'') is an unfinished manuscript by the German philosopher Karl Marx. The series of seven notebooks was rough-drafted by Marx, chiefly for purposes of self-clarification, during the winter of 1857–8. Left aside by Marx in 1858, it remained unpublished until 1939. Contents The ''Grundrisse'' is very wide-ranging in subject matter and covers all six sections of Marx's critique of political economy (of which only one, the first volume of ''Das Kapital'', ever reached a final form). It is often described as the rough draft of ''Das Kapital'', although there is considerable disagreement about the exact relationship between the two texts, particularly around the issue of methodology. Due to its breadth and its incorporation of themes from Marx's earlier writings, the ''Grundrisse'' is central to Marx's body of work. Its subject matter includes the prices of production, relatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Das Kapital
''Das Kapital'', also known as ''Capital: A Critique of Political Economy'' or sometimes simply ''Capital'' (german: Das Kapital. Kritik der politischen Ökonomie, link=no, ; 1867–1883), is a foundational theoretical text in materialist philosophy, critique of political economy and politics by Karl Marx. Marx aimed to reveal the economic patterns underpinning the capitalist mode of production in contrast to classical political economists such as Adam Smith, Jean-Baptiste Say, David Ricardo and John Stuart Mill. While Marx did not live to publish the planned second, third and fourth parts, the second and third volumes were completed from his notes and published after his death by his colleague Friedrich Engels; the fourth volume was completed and published after Engels's death by Marxist philosoper Karl Kautsky. ''Das Kapital'' is the most cited book published before 1950 in the social sciences. Themes In ''Das Kapital'' (1867), Marx proposes that the motivating forc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Critique Of Political Economy
Critique of political economy or critique of economy is a form of social critique that rejects the various social categories and structures that constitute the mainstream discourse concerning the forms and modalities of resource allocation and income distribution in the economy. The critique also rejects economists' use of what its advocates believe are unrealistic axioms, faulty historical assumptions, and the normative use of various descriptive narratives. They reject what they describe as mainstream economists' tendency to posit the economy as an a priori societal category. Those who engage in critique of economy tend to reject the view that the economy, and its categories, is to be understood as something transhistorical. They rather argue that it is a relatively new mode of resource distribution, which emerged along with modernity. Hence, it is seen as merely one of many types of historically specific ways to distribute resources. Critics of economy critique the given ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Creative Destruction
Creative destruction (German: ''schöpferische Zerstörung'') is a concept in economics which since the 1950s is the most readily identified with the Austrian-born economist Joseph Schumpeter who derived it from the work of Karl Marx and popularized it as a theory of economic innovation and the business cycle. It is also sometimes known as Schumpeter's gale. According to Schumpeter, the "gale of creative destruction" describes the "process of industrial mutation that continuously revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one". In Marxian economic theory the concept refers more broadly to the linked processes of the accumulation and annihilation of wealth under capitalism. The German sociologist Werner Sombart has been credited with the first use of these terms in his work ''Krieg und Kapitalismus'' (''War and Capitalism'', 1913).Describing the way in which the destruction of forests in Europe laid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Schumpeter
Joseph Alois Schumpeter (; February 8, 1883 – January 8, 1950) was an Austrian-born political economist. He served briefly as Finance Minister of German-Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship. Schumpeter was one of the most influential economists of the early 20th century, and popularized the term "creative destruction", which was coined by Werner Sombart. Early life and education Schumpeter was born in Triesch, Habsburg Moravia (now Třešť in the Czech Republic, then part of Austria-Hungary) in 1883 to German-speaking Catholic parents. Both of his grandmothers were Czech. Schumpeter did not acknowledge his Czech ancestry; he considered himself an ethnic German. His father owned a factory, but he died when Joseph was only four years old. In 1893, Joseph and his mother moved to Vienna. Schumpeter was a loyal suppo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Cycle
Business cycles are intervals of expansion followed by recession in economic activity. These changes have implications for the welfare of the broad population as well as for private institutions. Typically business cycles are measured by examining trends in a broad economic indicator such as Real Gross Domestic Production. Business cycle fluctuations are usually characterized by general upswings and downturns in a span of macroeconomic variables. The individual episodes of expansion/recession occur with changing duration and intensity over time. Typically their periodicity has a wide range from around 2 to 10 years (the technical phrase "stochastic cycle" is often used in statistics to describe this kind of process.) As in arvey, Trimbur, and van Dijk, 2007, ''Journal of Econometrics'' such flexible knowledge about the frequency of business cycles can actually be included in their mathematical study, using a Bayesian statistical paradigm. There are numerous sources of busines ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Accumulation
Capital accumulation is the dynamic that motivates the pursuit of profit, involving the investment of money or any financial asset with the goal of increasing the initial monetary value of said asset as a financial return whether in the form of profit, rent, interest, royalties or capital gains. The aim of capital accumulation is to create new fixed and working capitals, broaden and modernize the existing ones, grow the material basis of social-cultural activities, as well as constituting the necessary resource for reserve and insurance. The process of capital accumulation forms the basis of capitalism, and is one of the defining characteristics of a capitalist economic system.''Capital'', Encyclopedia on Marxists.org: http://marxists.org/glossary/terms/c/a.htm#capital Definition The definition of capital accumulation is subject to controversy and ambiguities, because it could refer to: *a '' net addition'' to existing wealth *a ''redistribution'' of wealth. Most often, ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New Palgrave Dictionary Of Economics
''The New Palgrave Dictionary of Economics'' (2018), 3rd ed., is a twenty-volume reference work on economics published by Palgrave Macmillan. It contains around 3,000 entries, including many classic essays from the original Inglis Palgrave Dictionary, and a significant increase in new entries from the previous editions by the most prominent economists in the field, among them 36 winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Articles are classified according to ''Journal of Economic Literature'' (''JEL'') classification codes. ''The New Palgrave'' is also available in a hyperlinked online version. Online content is added to the 2018 edition, and a 4th edition under the editorship of J. Barkley Rosser Jr., Esteban Pérez Caldentey, and Matías Vernengo will be published in the future. The first edition was titled ''The New Palgrave: A Dictionary of Economics'' (1987), was and edited by John Eatwell, Murray Milgate, and Peter Newman, as a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
