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Keynesian and Marxism Economics
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Keynesian and Marxism Economics
...... Marxian economics defines the value of a commodity differently than Keynesians. Marxian economics not only focuses on the price of a good, but also on its usefulness. The object has value in its usefulness and in its value in relation to other commodities. Marx also included the value of the human labor to produce the good in his equation. Marx considered useless items to have not value
One of the more interesting concepts of Marxian economics is that Marx did not consider metallic money, such as gold or silver to have any value beyond the labor and materials used to produce the actual coin. However, he considered paper money to have no value on its own, unless it was backed by silver or gold. The production of goods can be calculated by using an equation that relies on the time value of labor. The amount of labor used to produce a product can be calculated using a simple econometric formula. The amount of time used to produce the product is considered in the value of the product......
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