Topic summary
Marxist economics
Extracted from the Wikipedia article Marxian economics.
Considered a heterodox school, the Marxian school has been criticized by claims relating to inconsistency, failed predictions, and scrutiny of nominally communist countries' economic planning in the 20th century. According to economists such as George Stigler and Robert Solow, Marxist economics are not relevant to modern economics, having "virtually no impact" and only "represent[ing] a small minority of modern economists". However, some ideas of the Marxian school have contributed to mainstream understanding of the global economy. Certain concepts developed in Marxian economics, especially those related to capital accumulation and the business cycle, have been fitted for use in capitalist systems; one such example is Joseph Schumpeter's notion of creative destruction.