What is 'Marxian Economics'
Marxian economics is a school of economic thought based on of the work of Karl Marx. Marxian economics focuses on the role of labor in the development of an economy, and is critical of the classical approach to wages and productivity developed by Adam Smith. Marxian economics argues that the specialization of the labor force, coupled with a growing population, pushes wages down, and that the value placed on goods and services does not accurately account for the true cost of labor.
BREAKING DOWN 'Marxian Economics'
Much of Marxian economics is drawn from Karl Marx's seminal work "Das Kapital", which was first published in 1867. Marxian economics is considered separate but related to ideology found in Marxism, but it differs in that it focuses less on social and political matters.