Karl Marx: The Critique Of The Theory Of Economics

1301 Words 6 Pages
Pg.174. Classical political economists were pushed aside largely because Marx produced a kind of critique that made it impossible to hold that positionality anymore without acknowledging what Marx is saying. What he points to in the footnote is that one should not make the same mistake of treating the value theory, the labor theory of value, as the eternal natural form of production. It is a historical construct and as such it can be historically deconstructed. However, the classical political economists treated the labor theory of value as natural, as what the bourgeois thought should be done in the 17th century. It was a very devastating critique of classical political economy, to the sense that economics had to abandon the labor theory of value. So, what the marginalist economists did in the 19th century was faced with this criticism, they left the labor …show more content…
How is value established? Marx is saying that value, which is being determined by a process we do not understand and it’s not our choice; it is something happening to us. How it is happening must be unpacked in order to understand ourselves and with what consequences, socially, environmentally and etc. Marx wants to understand what is socially necessary in a capitalist mode of production.
Marx’s conception of a pure capitalist mode of production, which in many ways is guided by the vision of classical political economy. In other words, classical political economy assumes that we will be perfectly functioning markets and the state power will be out of the way and there will be no monopoly. So, Marx tends to say, let’s assume the classical political economists are correct. We will see examples where those assumptions are challenged by

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