Marxian economics

Definition

Economics

  • noun an economic theory based on the writings of Karl Marx, which explains that it is the law of value which underlies all commodity production. The value of commodities is determined by the value of the labour contained in them and is expressed in money terms as commodities are exchanged. This is the law which regulates the capitalist system by competition as it affects supply and demand. Marxist economists predict the collapse of the capitalist system because competition will drive down prices to unprofitable levels resulting in lower wages and industrial discontent.
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