Significance of the labor theory of value

Reference no: EM1375851

Question1) How is it possible to change society, for Marx, through using relationship between economy on the one hand and the political environment on the other. What conclusion did Marx reach for the mid 19th century and why were the components incompatible? According to Das Kapital (1865) how is capitalist profit derived? What was the specific economics crisis that Marx saw? What is the significance of the Labor Theory of Value?

Question2) Why was accumulated wealth more important in America than in Europe? What was the starting point for Veblen, and why was this important? According to Veblen, what was the real purpose of economic analysis? From his book, The Theory of the Leisure Class, why was the leisure class important for society, and how did it contrast with Marx's view of class conflict? Explain how, according to Veblen, the business people must resort to "sabotage" in order to make profits.

Question3)What is the essential problem concerning economics, specifically regarding the analysis of economists prior to as opposed to after Marx? Explain how Frederic Bastiat thought of the world as making no logical, economic sense. According to Henry George, what was the primary problem within the economic system and what was his solution? Why was Savings the cause of the economic problem for John Hobson, and how was this problem "solved by imperialism? For Alfred Marshall, why was time the cornerstone of his analysis, even though it did not take into account any real events?

Reference no: EM1375851

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