Economics wealth (capital) and a constant population size. Marxist (later, Marxian) economics descends from classical economics. It derives from the work of Karl Marx. The first volume of Marx's major work, "Das Kapital", was published in German in 1867. In it, Marx focused on the labour theory of value and the theory of surplus value which, he believed, explained the exploitation of labour by capital. The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production and the theory of surplus value demonstrated how the workers only got paid
The Formation of the Economic Thought of Karl Marx The Formation of the Economic Thought of Karl Marx The Formation of the Economic Thought of Karl Marx: 1843 to Capital () is a 1967 book by the Marxist theorist Ernest Mandel, in which the author discusses the economic theories of Karl Marx. It appeared in English translation in 1971. "The Formation of the Economic Thought of Karl Marx" received a positive review in "Telos" from James E. Hansen when the work was published in English in 1971. Hansen welcomed Mandel's book as important contribution to scholarship on Marx. The political scientist David McLellan called Mandel's work "excellent" in the