The first was that an economy was not characterized by static equilibrium (Eagly, 1974). This exact same insight later led Keynes to an understanding that policies based upon classical economic theory would not necessarily extricate the world's industrial economies in the depression from the early 1930s (Hansen, 1953).
A second major insight brought to economic idea by Marx was that importance and growth was not inextricably associated with agricultural activity (Tucker, 1978). Marx demonstrated that labor created value, and fostered economic growth in activities other than those associated with agriculture. The third major insight brought to economic idea by Marx was his conception of economics as an evolutionary method (Hausman, 1984). As crucial as this insight is, it even now has not been broadly accepted, or, at least, extensively practiced. In some fariness, it ought to be admitted that evolutionary to Marx meant a move from feudalism to capitalism, a transition from capitalism to socialism, and on down the line.
Evolutionary development, however, may be (and usually is) less dramatic. The development of Keynesian economic theory represented an evolutionary movement from classical and neoclassical economics. A major trouble with most economists who became Keynesians, however, was that they tended to view Keynesian economic theory as the end on the line, rather than a step during the evolutionary development of economic thought. Eagly, R. V. (1974). The structure of classical economic theory. London: Oxford University Press. The major deficiency in Marxian economic theory may be the contention that the amount of labor applied from the manufacture of the product determines the significance of that product, and that this sort of a importance determination is each fundamental and immutable.
This theory fails to account for your contribution to importance of other causes of production. Further, this theory is unable to provide a satisfactory explanation in between the significance and the relative cost of the product. Marxian theory is in accordance with a distinction in between the exchange and use value of labor.Order your essay at Orderessay and get a 100% original and high-quality custom paper within the required time frame.