I disagree on Marx not being a good economist. Apply transaction costs to the labor market (workers will accept less then their worth to limit their time unemployed) and we through orthodox anaylsis are basically forced into a Marxist stance (in the sense that labor is exploited whenever they must search for jobs, which is to say, always).
5 comments:
Marx is way over rated! Karl Marx was never an economist but more like a political philosopher. And he wasn't much good at that either.
Danny L. McDaniel
Lafayette, Indiana
I disagree on Marx not being a good economist. Apply transaction costs to the labor market (workers will accept less then their worth to limit their time unemployed) and we through orthodox anaylsis are basically forced into a Marxist stance (in the sense that labor is exploited whenever they must search for jobs, which is to say, always).
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