The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Marx, Karl Heinrich (1818–1883)

  • Ernest Mandel
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_1019

Abstract

This article summarizes the methodology and economics of Karl Marx. After a brief account of his life, it deals with his historical materialism, and then his labour theory of value, his theories of rent, money, surplus value, and crises, his account of the laws of motion of the capitalism mode of production, and his and Engels’s conception of the economy of post-capitalist societies.

Keywords

Accumulation of capital Asiatic mode of production Böhm-Bawerk, E. von Bukharin, N. Capitalist mode of production Class Commodity theory of money Communism Concentration (centralization) of capital Constant and variable capital Credit cycles Economic crisis Economic laws Economic science Engels, F. Exploitation Feudalism Hilferding, R. Historical materialism Ideology Invisible hand Iron law of wages Labour power Labour theory of value Land rent Lassalle, F. Laws of motion of capitalism Lenin, V. Market value Marx, K. Mobility of capital Modes of production Monopoly Organic composition of capital Overproduction Paper money Post-capitalist society Prices of production Proletariat Rate of profit Rent Reserve army of labour Ricardo, D. Social polarization Socialism Sraffa, P. Surplus value Technological change Trade unions Transformation problem Underconsumptionism 

JEL Classifications

B31 
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Bibliography

  1. There are innumerable books and articles devoted to comments or elaborations on Marx’s economic thought, or which criticize them. We list here those works we refer to in the above text, as well as those we consider the most important ones (based, needless to say, upon subjective judgement).Google Scholar
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Bibliographic Addendum

  1. Foley, D. 1986. Understanding capital: Marx’s economic theory. Cambridge, MA: Harvard University Press.Google Scholar
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  4. Outside of economics, important studies include:Google Scholar
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  16. All of these are complemented by what remains a classic short introduction to Marx’s ideas:Google Scholar
  17. Berlin, I. 1985. Karl Marx, 4th edn. Oxford: Oxford University Press.Google Scholar
  18. as well as the standard biography of Marx:Google Scholar
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  21. is helpful both as a survey and as a mechanism for overcoming language differences between Marxist approaches and others.Google Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Ernest Mandel
    • 1
  1. 1.