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Economics in PerspectiveA Critical History$
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John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171647

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171647.001.0001

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The Grand Assault

The Grand Assault

(p.139) Chapter 11 The Grand Assault
Economics in Perspective

John Kenneth Galbraith

Princeton University Press

This chapter examines Karl Marx's critique of the classical tradition in economics. The classical tradition postulated an equilibrium that would come to be known as equilibrium economics. No change occurred in the basic relationship between employer and worker, between land, capital and labor. The change in the supply of labor and capital only gave rise to a new and similar equilibrium. Understanding that final equilibrium was the essence of economic science. The chapter considers Marx's rejection of the most fundamental assumptions of classical economics. It first discusses Friedrich Engels's influence on Marx before analyzing Marx's views on capitalism and other subjects such as distribution of power, wages, unemployment, labor, production, and property rights. It concludes with an assessment of the flaws of the Marxian system.

Keywords:   capitalism, Karl Marx, classical tradition, equilibrium economics, labor, capital, classical economics, Friedrich Engels, wages, production

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