Marxian Economics as Economics

Paul Samuelson

Ekonomicheskaya Politika / Economic Policy, 2012, vol. 6, 10 pages

Abstract: In apaper devoted to the 100th anniversary of publication of «Capital» by Karl Marx, the author considers his economic theory, and notes that it is just as controversial as Marx himself was controversial. Researchers of his works hold the opposite view of its place in the history of economic thought — from «the greatest sociologist of all times» to «an insignificant post-Ricardian, interesting predecessor of Leontief’s input-output theory». According to the author, prognostic features of Marx’s theory is not high, its value lies in the fact that it is superior to modern economic theory in the analysis of institutional data on the basis of which the theory of capitalist development can be formed.

Keywords: «Capital»; Karl Marx; economic theory (search for similar items in EconPapers)
Date: 2012
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