The Formalization of Marx’s Economics

Author:

Zhang Xian

Abstract

Whether Marx’s economics and Marxist political economy can be formalized using mathematics is a controversial and divisive issue. From studying the text of Capital and its manuscripts, it emerges that Marx’s research on the capitalist mode of production involves the application of mathematical methods. Marx creates a set of symbols related to the social production of capitalism, and on that basis constructs an economic model corresponding to his theoretical analysis. Obviously, the mathematical method is an integral part of Marx’s economic methodology. In a certain sense, using mathematical methods to study and formalize Marx’s economics is in line with Marx’s approach to economic topics. However, the formalization of Marx’s economics must strictly observe the relevant principles; otherwise, it will lead to serious problems.

Publisher

Pluto Journals

Subject

Political Science and International Relations,Economics, Econometrics and Finance (miscellaneous),Sociology and Political Science

Reference9 articles.

1. Technological Change and Profit Rate;N. Okishio;Teaching and Research,2010

2. Wages and Interest: A Modern Dissection of Marxian Economic Models;Samuelson;The American Economic Review,1957

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