Marx’s Capital: the Revolt against Classical Economics

Widodo, Tri (2008): Marx’s Capital: the Revolt against Classical Economics. Published in: Aki Ronsou , Vol. 13, (30 December 2008): pp. 23-42.

Abstract

This paper describes the general idea of Marxian economics, especially the Marx’s Capital, and compares it with that of the classical economics. First, while the classical economics regards capitalist system as a part of the natural law, Marx, in contrasts, considers capitalist system as a stage of the transition process from the feudal economy in the past to the socialist economy in the future, where private property no longer exists. Second, while the classical economists argue that economic life can be regarded as the result of the harmony of interests between the various components of society, Marx, in contrast, considers the economic life as conflicts of interests between owners of property and workers.

• Item Type: MPRA Paper
• Language: English
• Keywords: Marxian, Capital accumulation, Labor theory of value
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B12 - Classical (includes Adam Smith); B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B14 - Socialist ; Marxist

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