Archive for Labour Theory of Value

Understanding Economics

Posted in Marxism with tags , , , , , , , , , on June 12, 2009 by Umer

A Marxist Guide to Understanding Economics

Tim Bowron

(from Workers Party of New Zealand)


Economics is a subject which is regarded by most ordinary people as mysterious and totally defying any rational understanding. This is true to an even greater extent today than 50 years ago, as we have increasingly seemed to move beyond a capitalist economy which deals with the production of real tangible things, to the dizzying world of currency hedge funds, financial futures trading and the explosion of the service sector.

No wonder then that many activists who are committed to trying to bring about radical social change shy away from the study of capitalist economics.

However this is deeply problematic because at the same time the one thinker who developed a thorough-going radical critique of capitalism – Karl Marx – is very little read among people on the left (even those calling themselves socialist revolutionaries).

In addition, there exists a widespread misconception that the writings of Karl Marx are so arcane, so mysterious, as to be only comprehensible to a select and gifted few. This is unfortunate because despite the perhaps slightly inaccessible style in which Marx wrote, the basic fundamentals of his philosophy are in reality breathtakingly simple.

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