(History of Economic Thought) Question. Even though he considered the analyses of some classical economists to...

(History of Economic Thought) Question.

Even though he considered the analyses of some classical economists to be vulgar, Marx valued highly the contributions of economists like Smith and Ricardo, and considered them to be true scientists. In what sense did Marx consider their efforts in economics to be ‘scientific’?

Expert Solution

Karl had the set belief such as the periodization vary and how it would work in line with the Primitive Communism and having the Slave societies – Feudalism – Capitalism – Socialism – Communism, Marx occupied himself primarily with describing capitalism.

Marxist Political Economy (MPE) that can mark how the political economy would help to identify the framework The Karl Marx has the set of beliefs aimed at the Ontology. It defines the central problem that can define how the MPE helps to evaluate the workers by capital, and it can be marked as the classes along with the power of capital. It is also defined as the unit of analysis within the classes and it would not be linked to the individuals and collective interests that can be dependent on the classes rather than between individuals. Marx also has the set belief which can cause the new political-economic theory and it would further cause scientific socialism – that can be linked to the base depending on the developed materialistic world.

The Marx views are scientific as they flow in the concise steps and have a scientific basis. It would be a step by step exploration and how it is linked with the evidence. Same for the Smith and Ricardo theories who have similar views as they have provided the logic and the evidence-based explanation. their theories are broader and have an extensive overview

Rahul Sunny answered 8 months ago

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