24. Karl Marx - Theory of Surplus-Value

Описание к видео 24. Karl Marx - Theory of Surplus-Value

Karl Marx’s theory of surplus-value is a pivotal point in the history of economic thought. Not only did Marx solve some of the thorny problems left over from Smith and Ricardo but having proved that capitalism was an exploitative system, he changed classical political economy. After Marx, those who supported capitalism entirely gave up on the labour theory of value. Marxism sounded the death knell of classical political economy. A new discipline of economics was developed after Karl Marx in such a way that even the possibility of exploitation was abstracted away from the theoretical framework.

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