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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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Autor principal: Yagi, Kiichiro
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Springer Japan 2021
Materias:
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
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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.
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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
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