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Marxian Economics

Marxian Economics Definition

Marxian Economics is a branch of economics based on the theories created and by Karl Marx. His major work on economy was “Capital: A Critique of Political Economy”. The central principal of Marxian economics is the labor theory of value. It states that the value of any product can be determined on the basis of the amount of time it takes to make it. In the twentieth century numerous countries were controlled by governments that claimed themselves to be Marxist.

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