He branded his views as being from an entirely different school of economics from "classical" economics. Before Marx, there was essentially only one view of economics, with thought progressing in a relatively straight line. Marx introduced the notion of entirely new ideology. The result is that since then economics is no longer viewed as a singular line of study, but a discipline comprised of competing models and thought.
Marx' models of socialism, capitalism and communism exist today, and with roughly his definitions. His work on the nature of workers, their outputs, and their relationship to value has also contributed to our modern economic model. His work occurred during an era when workers lived in poverty and had no rights. By the time he died, those workers were gaining rights, and realized wage increases, in part due to socialist trends among their ranks. Marx made significant contribution to economics in his analysis of these relationships, and his views regarding wealth distribution eventually paved the way for the powerful economic growth in the western world during the 20th century, as putting more money in the hands of workers dramatically increased opportunity for the capitalists to make money.
The contributions Karl Marx made to economics have at times been discounted, especially in light of the totalitarian societies that invoked his name, yet they were profound. His approach to the subject incorporated many disciplines not previously considered in economic study. He defined many of the terms that characterize our understanding of economic...
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now