Definition of 'Marxian Economics'
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.
|
