What is Marxist economics?
Q: What is Marxist economics?
A: Marxist economics is based on the economic theories of philosopher Karl Marx. It explains the "laws of motion" of production and exchange under capitalism, and was used to argue against the middle class theories of economics common at that time.
Q: What did Marx want this tool to be used for?
A: Marx wanted this tool to be used by the working class (the proletariat) to overthrow capitalism and replace it with socialism, then with communism.
Q: What does the Labor Theory of Value say?
A: The Labor Theory of Value states that the value of a commodity is determined by the labor required to produce it. More specifically, Marx defined the value of a commodity as the Socially necessary labor time required to produce it, which is taken across all society and represents average conditions for production.
Q: Who does Marx view as controlling means of production?
A: According to Marx, those who control means of production are members from capitalist class (the bourgeoisie). He viewed them as leech-like and unnecessary; they are not necessary for producing goods society must consume in order to meet human needs and reproduce itself.
Q: How do capitalists get wealth according to Marx?
A: According to Marx, capitalists get wealth for themselves by exploiting working class through wages under capitalism which are determined not by value created by workers during a given period but rather by cost their labor power (ability to work). This results in surplus value - unpaid labor performed by working class for capitalist class - being extracted from them.
Q: Why does Marxism see dispossession of capitalists as progressive? A: Marxism sees dispossession of capitalists and seizure control over means production by working class as historically progressive because it would bring about end of class society, remove contradictions inherent under capitalism due antagonism between two major classes (bourgeoisie & proletariat), qualitatively increase scope human development in many areas.
