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Marx’s theory of capital in the history of economics: Marx’s concept of capital, classical school, Austrian School, and growth theory
This was originally written in mid-2018 to celebrate the 200-year anniversary of Karl Marx’s birth. Its aim is to identify the position of Marx’s theory of capital in the history of economics. Thus, this article discusses Marx’s critical reception of his predecessors and the investigation after him....
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Formato: | Online Artículo Texto |
Lenguaje: | English |
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Springer Japan
2021
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Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7801156/ http://dx.doi.org/10.1007/s40844-020-00196-9 |
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author | Yagi, Kiichiro |
author_facet | Yagi, Kiichiro |
author_sort | Yagi, Kiichiro |
collection | PubMed |
description | This was originally written in mid-2018 to celebrate the 200-year anniversary of Karl Marx’s birth. Its aim is to identify the position of Marx’s theory of capital in the history of economics. Thus, this article discusses Marx’s critical reception of his predecessors and the investigation after him. In this respect, Hicks’ distinction of capital theoreticians between “fundists” and “materialists” is useful. Marx’s view of capital shows several fundist characteristics in line with the classical economists preceding him. However, viewed from the materialistic perspective of capital theory, he had successors in the Russian planners of socialist centralized economy in the twentieth century. The peculiarity of Marx’s capital theory lies in its critical dimension, which supersedes the positivistic theorizing of ordinary economists. Marx would recognize the relationship of production that emerges out of the antagonistic split between subjective and objective elements (“primitive accumulation”). Thus, we must now ask if two centuries of mankind’s history has discovered a solution or made any progress in this respect. |
format | Online Article Text |
id | pubmed-7801156 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2021 |
publisher | Springer Japan |
record_format | MEDLINE/PubMed |
spelling | pubmed-78011562021-01-12 Marx’s theory of capital in the history of economics: Marx’s concept of capital, classical school, Austrian School, and growth theory Yagi, Kiichiro Evolut Inst Econ Rev Article This was originally written in mid-2018 to celebrate the 200-year anniversary of Karl Marx’s birth. Its aim is to identify the position of Marx’s theory of capital in the history of economics. Thus, this article discusses Marx’s critical reception of his predecessors and the investigation after him. In this respect, Hicks’ distinction of capital theoreticians between “fundists” and “materialists” is useful. Marx’s view of capital shows several fundist characteristics in line with the classical economists preceding him. However, viewed from the materialistic perspective of capital theory, he had successors in the Russian planners of socialist centralized economy in the twentieth century. The peculiarity of Marx’s capital theory lies in its critical dimension, which supersedes the positivistic theorizing of ordinary economists. Marx would recognize the relationship of production that emerges out of the antagonistic split between subjective and objective elements (“primitive accumulation”). Thus, we must now ask if two centuries of mankind’s history has discovered a solution or made any progress in this respect. Springer Japan 2021-01-12 2021 /pmc/articles/PMC7801156/ http://dx.doi.org/10.1007/s40844-020-00196-9 Text en © Japan Association for Evolutionary Economics 2021 This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic. |
spellingShingle | Article Yagi, Kiichiro Marx’s theory of capital in the history of economics: Marx’s concept of capital, classical school, Austrian School, and growth theory |
title | Marx’s theory of capital in the history of economics: Marx’s concept of capital, classical school, Austrian School, and growth theory |
title_full | Marx’s theory of capital in the history of economics: Marx’s concept of capital, classical school, Austrian School, and growth theory |
title_fullStr | Marx’s theory of capital in the history of economics: Marx’s concept of capital, classical school, Austrian School, and growth theory |
title_full_unstemmed | Marx’s theory of capital in the history of economics: Marx’s concept of capital, classical school, Austrian School, and growth theory |
title_short | Marx’s theory of capital in the history of economics: Marx’s concept of capital, classical school, Austrian School, and growth theory |
title_sort | marx’s theory of capital in the history of economics: marx’s concept of capital, classical school, austrian school, and growth theory |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7801156/ http://dx.doi.org/10.1007/s40844-020-00196-9 |
work_keys_str_mv | AT yagikiichiro marxstheoryofcapitalinthehistoryofeconomicsmarxsconceptofcapitalclassicalschoolaustrianschoolandgrowththeory |