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Marx 200 years on

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  • Robert Dixon

Abstract

This year marks the 200th anniversary of the birth of Karl Marx, the last of the classical political economists. This article aims to mark the occasion by drawing attention to some of his key works in economics and to present some of his ideas in a way that will make sense to readers not familiar with or very much interested in the complexities of the labour theory of value. I begin with a brief biography and a summary of his main works in economics. I then explore in some detail ideas related to the economic surplus, unpaid labour and exploitation, and attempt to tease out the implications of his analysis for the determination of the wage share. While I argue that Marx has not succeeded in providing adequate theoretical support for his prediction that the wage share will fall as capital accumulates, he has nonetheless provided a very interesting and insightful collection of ideas by which we may, even today, approach a wide range of issues relating to production and distribution. JEL Codes: B14, B31, D33

Suggested Citation

  • Robert Dixon, 2018. "Marx 200 years on," The Economic and Labour Relations Review, , vol. 29(4), pages 481-500, December.
    • Handle: RePEc:sae:ecolab:v:29:y:2018:i:4:p:481-500
    DOI: 10.1177/1035304618811066
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    References listed on IDEAS

    as
    1. Joan Robinson, 1966. "An Essay on Marxian Economics," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15228-5, March.
    2. Robert Dixon, 1981. "The Wage Share and Capital Accumulation," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 4(1), pages 3-9, October.
    3. Avi J. Cohen, 2003. "Retrospectives: Whatever Happened to the Cambridge Capital Theory Controversies?," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 199-214, Winter.
    4. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720, September.
    5. P. K. Trivedi & B. M. S. Lee, 1981. "Seasonal Variability in a Distributed Lag Model," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 48(3), pages 497-505.
    6. Robert Dixon, 1981. "A Model of Distribution," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 3(3), pages 383-402, April.
    7. G C Harcourt, 2012. "Whatever Happened to the Cambridge Capital Theory Controversies? (2003)," Palgrave Macmillan Books, in: The Making of a Post-Keynesian Economist: Cambridge Harvest, chapter 5, pages 112-130, Palgrave Macmillan.
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    More about this item

    Keywords

    Capital accumulation; functional distribution of income; Marxian economics;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution

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