Marx, Capitalism Is an Economic Essay

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This is one, alternative explanation for the Neoclassical Revolution -- even without Marxism, to help understand the way that producers maximized value in an industrial society, a new way of understanding manufacturing was essential. Still another explanation for Neoclassical economics might follow as thus: Classical economics is fundamentally flawed, but not as Marxists might suggest. Instead, this explanation suggests that Classical theory is based upon an idealized conception of 'economic human' who moderates his or her desires solely according to price, and a producer who perfectly calculates the correct cost or value an item, based upon demand.

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Phenomenon such as seasonal rises in demand not based upon price or scarcity, consumer psychology, and irrational consumer whims are all not explained in Classical Theory, and even Neoclassical Theory and Marxism only began to scratch the surface of such challenges to pre-existing paradigms. Thus, just as Kuhn asserts, when a paradigm is shown to be inadequate, new paradigms will inevitably intervene and supersede the old, even if the new paradigms are imperfect….....

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