Economics Project Essay Example | Topics and Well Written Essays - 1000 words

Economics Project - Essay ExampleHe started developing the dialectical materialism which addresses the economic order efficiency and its inherent weaknesses and contractions that lead to its own corrupt/ collapse. The concept attempted to critic capitalism tenets and prediction of its own collapse. His constant revolt against the current rulers saying him exi take in Belguim, France and Britain where he eventually died in London (Heilbroner, 136 - 139). Economic Ideas and concepts Karl Marx is often referred to as the father of socialist economy and Communism owing to his Marxist theories and The Communist Manifesto. He was a critique of capitalism which dominating atomic number 63 by them after overthrowing feudalism. According to Marx, current tenets of capitalism were not sustain able-bodied as they had little touch for laborers who are important in the labor process. While critiquing the capitalism, Marx argued that while capitalism was revolutionary, industrializing and dri ven by planetary qualities of development, it exploited and alienated laborer resulting to high unemployment rate. As a result, the system was subjects to depression shocks and the exploitation led to suffering of most laborer. These conditions were the recipes that would lead to class struggle, system decay and eventual collapse of capitalism. In nucleus therefore, what Marx was suggesting is a form of production process that would give decency to the hightail iting class. Such a method of production would be socialism or what is referred to as inexorable system of Karl Marx (Heilbroner 167). His assertions attain sense when viewed in the easygoing of modern capitalism as modern practices have come to recognize the importance of labor as a factor of production. Most companies are concerned about the welfare of their staff where business objectives are being driven by triple bottom line. Such an approach will most potential reduce tension between owners of capital and laborers. Karl Marx also contributed immensely to labor relations and industrial actions. He viewed the society as comprising of two classes i.e. the owners of capital and laborers who provided labor. According to him there exists a class struggle as each wants to maximize from each other. Unfortunately, the owners of capital who often forms part of the ruling class oppress the workers by dint of long working hours and poor pay. Given the power of the ruling class and increased population, are able to maximize take account at the expense of the laborers. Welfare of the workers is not a priority, maximizing surplus encourage and profit is. Heilbroner (32) noted that the English ruling class failed to understand what fluid and mobile labour tear would seek to achieve. According to Marx, Capitalists optimize the discrepancy between labor markets and produce market to fall upon surplus value. Surplus value is realized when input costs are lower than output hurt and the surplus according to Marx is taken away from laborer due the imbalance. The surplus value arises from unpaid work as they are only paid enough to keep the body and soul together i.e. to make laborers survive. He noted that in the long run as class struggle continues, the surplus value reduces considerably a situation which forces the owners of capital to rescue their capital. In labor relations, the argument makes sense in that most laborers will go on