Editing Economics (section)

=== Marxian economics ===
{{Main|Marxian economics}}
[[File:Karl Marx 001.jpg|thumb|upright=0.8|The [[Marxian economics|Marxist]] [[critique of political economy]] comes from the work of German philosopher [[Karl Marx]].|alt=Photograph of Karl Marx facing the viewer]]
Marxist (later, Marxian) economics descends from classical economics and it derives from the work of [[Karl Marx]]. The first volume of Marx's major work, {{lang|de|[[Das Kapital]]}}, was published in 1867. Marx focused on the [[labour theory of value]] and [[theory of surplus value]]. Marx wrote that they were mechanisms used by capital to exploit labour.<ref name="Roemer">{{unbulleted list citebundle
|1 = {{cite encyclopedia |author-link=John Roemer |last=Roemer |first=J. E. |date=1987 |dictionary=The New Palgrave Dictionary of Economics |publisher=Palgrave Macmillan |editor-first1=John |editor-last1=Eatwell |editor-first2=Murray |editor-last2=Milgate |editor-first3=Peter |editor-last3=Newman |chapter-url=http://www.dictionaryofeconomics.com/article?id=pde1987_X001420 |doi=10.1057/9780230226203.3052 |isbn=978-0-333-78676-5 |chapter=Marxian value analysis |pages=1–6 |access-date=19 October 2017 |archive-date=20 October 2017 |archive-url=https://web.archive.org/web/20171020033131/http://www.dictionaryofeconomics.com/article?id=pde1987_X001420 |url-status=live }}
|2 = {{cite encyclopedia |author-link=Ernest Mandel |last=Mandel |first=Ernest |date=1987 |title=The New Palgrave Dictionary of Economics |publisher=Palgrave Macmillan |editor-first1=John |editor-last1=Eatwell |editor-first2=Murray |editor-last2=Milgate |editor-first3=Peter |editor-last3=Newman |pages=372, 376 |url=http://www.dictionaryofeconomics.com/article?id=pde1987_X001419 |doi=10.1057/9780230226203.3051 |isbn=978-0-333-78676-5 |chapter=Marx, Karl Heinrich (1818–1883) |access-date=19 October 2017 |archive-date=20 October 2017 |archive-url=https://web.archive.org/web/20171020032814/http://www.dictionaryofeconomics.com/article?id=pde1987_X001419 |url-status=live |url-access=subscription }}
}}</ref> The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production, and the theory of surplus value demonstrated how workers were only paid a proportion of the value their work had created.<ref name="THOMAS FULLER">{{cite news|url=https://www.nytimes.com/2009/09/18/world/asia/18laos.html|work=The New York Times|first=Thomas|last=Fuller|title=Communism and Capitalism Are Mixing in Laos|date=17 September 2009|access-date=24 February 2017|archive-date=22 February 2017|archive-url=https://web.archive.org/web/20170222010636/http://www.nytimes.com/2009/09/18/world/asia/18laos.html|url-status=live}}</ref>

Marxian economics was further developed by [[Karl Kautsky]] (1854–1938)'s ''The Economic Doctrines of Karl Marx'' and ''[[The Class Struggle (Erfurt Program)]]'', [[Rudolf Hilferding]]'s (1877–1941) ''[[Finance Capital]]'', [[Vladimir Lenin]] (1870–1924)'s ''[[The Development of Capitalism in Russia]]'' and ''[[Imperialism, the Highest Stage of Capitalism]]'', and [[Rosa Luxemburg]] (1871–1919)'s ''[[The Accumulation of Capital]]''.