MARXIAN ECONOMICS

A school of economic thought that is expounded by Karl Marx. It concentrates on the role of labor in the development of an economy, which is critical to the classical approach to wages and productivity elaborated by Adam Smith, a Scottish moral philosopher and a pioneer of political economy. This school of economic thought states that specializing the labor force, combined with a growing population, forces wages down and the values of goods and services are not accounted for the true labor cost.