A Brief Overview of Marxian Economics and its Merits
By Matthew Hodder Many people are familiar with the famous socialist teachings of Marx and Engels in ‘The Communist Manifesto’, foretelling the fall of capitalism and the emergence of a new, Socialist mode of society that will eventually give way to a communist society. Underpinning this new organisation of society, found in ‘Das Kapital’, is an alternative source of economic thought that differs slightly from the classical economic thought at the time as provided by the likes of Adam Smith, David Ricardo, and Thomas Robert Malthus. In this article, we will use Barber’s account to lay out a basic outline of Marxian economics and then we shall evaluate its merits over time. The historical context in which ‘Das Kapital’ emerged featured heavy industrialisation which Barber (1967, p.117) says “would have astonished… Smith”. Unfortunately, accompanying the huge rise in factories and industry were appalling conditions for the working class. Long workdays and dangerous conditions l