The relevance of Marx to all students of economics, no matter the level
Purpose – To challenge the validity/usefulness of teaching mainstream neo-classical/new-classical economics, by contending that Marx provides a superior understanding of the essential nature of the capitalist system. Design/methodology/approach – To explain Marx the hermeneutic issue of which Marx must be addressed. Simultaneous and dualistic interpretations of Marx question Marx's key conclusions, suggesting that Marx's value theory is inconsistent. In contrast the Temporal Single System Interpretation (TSSI) of Marx contends that all of Marx's key conclusions/results hold if one adopts a sequential and non-dualistic methodological approach, restoring Marx's central message/power. Findings – Explains how Marx endogenously accounts for the inevitable cyclical behaviour of capitalism, its tendency to concentrate and the development of the financial system. In short, Marx can explain the tendencies observed in the globalising world, whereas it is contended that mainstream analysis is hampered by prioritising an ideal simultaneous equilibrium and investigating how it might be exogenously disturbed. Research limitations/implications – If, as is contended, Marx's economics provides a superior understanding of the world, then research into Marx and analysis based on Marxian foundations should be prioritised. Practical implications – Marx should be widely taught to improve students' understanding of the economy. Originality/value – Quite simply challenges orthodoxy by rediscovering value.
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