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The Mainstreaming of Marx: Measuring the Effect of the Russian Revolution on Karl Marx’s Influence

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  • Phillip W. Magness
  • Michael Makovi

Abstract

Karl Marx’s high academic stature outside of economics diverges sharply from his peripheral influence within the discipline, particularly after nineteenth-century developments rendered the labor theory of value obsolete. We hypothesize that the 1917 Russian Revolution is responsible for elevating Marx into the academic mainstream. Using the synthetic control method, we construct a counterfactual for Marx’s citation patterns in Google Ngram data. This allows us to predict how often Marx would have been cited if the Russian Revolution had not happened. We find a significant treatment effect, meaning that Marx’s academic stature today owes a substantial debt to political happenstance.

Suggested Citation

  • Phillip W. Magness & Michael Makovi, 2023. "The Mainstreaming of Marx: Measuring the Effect of the Russian Revolution on Karl Marx’s Influence," Journal of Political Economy, University of Chicago Press, vol. 131(6), pages 1507-1545.
    • Handle: RePEc:ucp:jpolec:doi:10.1086/722933
    DOI: 10.1086/722933
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    Cited by:

    1. Milan Zafirovski, 2024. "Contradictions of the Marginal Utility Theory of Value? Identifying Some Logical Errors," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2024(1), pages 53-98.
    2. Barber, Luke & Jetter, Michael & Krieger, Tim, 2024. "Foreshadowing Mars: Religiosity and pre-Enlightenment conflict in Europe," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302355, Verein für Socialpolitik / German Economic Association.
    3. Luke Barber & Michael Jetter & Tim Krieger, 2023. "Foreshadowing Mars: Religiosity and Pre-Enlightenment Warfare," CESifo Working Paper Series 10806, CESifo.
    4. Jetter, Michael, 2024. "On the Post-Enlightenment Evolution of Moral Universalism," IZA Discussion Papers 16947, Institute of Labor Economics (IZA).

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