Understanding Marxist Economics: Principles, Impact, and Contemporary Relevance

Introduction

Marxist economics, rooted in the works of Karl Marx and Friedrich Engels, offers a critical framework for analyzing the capitalist system and its socioeconomic implications. This paper aims to explore the foundational principles of Marxist economics, examine its historical impact on economic thought and policy, and assess its relevance in contemporary discussions surrounding capitalism, inequality, and economic crises. By analyzing Marxist economic theory, this report intends to shed light on how its insights can inform our understanding of current economic challenges and the persistent issues of wealth distribution and class struggle.

Main Body

At its core, Marxist economics is built upon the critique of political economy, which Marx articulated in works such as “Das Kapital” and “The Communist Manifesto.” A fundamental principle of Marxist economics is the concept of surplus value, which Marx defined as the difference between the value produced by labor and the actual wage paid to laborers. This notion is central to understanding how capitalists accrue wealth and maintain power over the working class. According to Marx, the exploitation of labor is inherent in the capitalis