The life times and economic contributions of karl marx

Biography Childhood and early education: His maternal grandfather was a Dutch rabbiwhile his paternal line had supplied Trier's rabbis sincea role taken by his grandfather Meier Halevi Marx. Prior to his son's birth, and after the abrogation of Jewish emancipation in the Rhineland, [28] Herschel converted from Judaism to join the state Evangelical Church of Prussiataking on the German forename of Heinrich over the Yiddish Herschel.

The life times and economic contributions of karl marx

Operating from the premise that capitalism contained the seeds of its own destruction, his ideas formed the basis of Marxism and served as a theoretical base for communism. Nearly everything Marx wrote was viewed through the lens of the common laborer.

From Marx comes the idea that capitalist profits are possible because value is "stolen" from the workers and transferred to the employers. He was, without question, one of the most important and revolutionary thinkers of his time.

Marx studied law in Bonn and Berlin, and at Berlin, was introduced to the philosophy of G.

The life times and economic contributions of karl marx

He became involved in radicalism at a young age through the Young Hegelians, a group of students who criticized the political and religious establishments of the day. Marx received his doctorate from the University of Jena in Personal Life After living in Prussia, Marx lived in France for some time, and that is where he met his lifelong friend Friedrich Engels.

He was expelled from France, and then lived for a brief period in Belgium before moving to London where he spent the rest of his life with his wife.

Marx died of pleurisy in London on March 14, He was buried at Highgate Cemetery in London. His original grave was nondescript, but inthe Communist Party of Great Britain erected a large tombstone, including a bust of Marx and the inscription "Workers of all Lands Unite," an Anglicized interpretation of the famous phrase in The Communist Manifesto: A Critique of Political Economy was a critique of capitalism.

By far the more academic work, it lays forth Marx's theories on commodities, labor markets, the division of labor and a basic understanding of the rate of return to owners of capital. Contrary to popular belief, Karl Marx was not the first to use the word "capitalism" in English, although he certainly contributed to the rise of its use.

There is very little chance that Thackeray — who was not a German speaker — could have known about Marx's work to incorporate the word capitalism into his novel, although it is definitely possible that Marx may have read Thackeray's book.

Both men meant the word to have a pejorative ring. Still, there are some lessons that even modern economic thinkers can learn from Marx. Though he was the capitalist system's harshest critic, Marx understood that it was far more productive than previous or alternative economic systems. He believed all countries should become capitalist and develop that productive capacity, and then workers would naturally revolt into communism.

But, like Adam Smith and David Ricardo before him, Marx predicted that because of capitalism's relentless pursuit of profit by way of competition and technological progress to lower the costs of production, that the rate of profit in an economy would always be falling over time.

The Labor Theory of Value Like the other classical economistsKarl Marx believed in the labor theory of value to explain relative differences in market prices. This theory stated that the value of a produced economic good can be measured objectively by the average number of labor-hours required to produce it.

The life times and economic contributions of karl marx

In other words, if a table takes twice as long to make as a chair, then the table should be considered twice as valuable. If goods and services tend to be sold at their true objective labor values as measured in labor hours, how do any capitalists enjoy profits?

It must mean, Marx concluded, that capitalists were underpaying or overworking, and thereby exploiting, laborers to drive down the cost of production.Karl Heinreich Marx was born in Trier, Rhenish Prussia (present-day Germany), on May 5, , the son of Heinrich Marx, a lawyer, and Henriette Presburg Marx, a Dutchwoman.

Both Heinrich and Henriette were descendants of a long line of rabbis (masters or teachers of Jewish religion).Died: Mar 14, According to Marx, capitalism contained the seeds of its own destruction.

Communism was the inevitable end to the process of evolution begun with feudalism and passing through capitalism and socialism.

Early years in London

Marx wrote extensively about the economic causes of this process in Capital. Karl Marx - Early years in London: Expelled once more from Paris, Marx went to London in August It was to be his home for the rest of his life.

Marx hoped that the economic crisis would shortly lead to a revival of the revolutionary movement; when this hope faded, (A Contribution to the Critique of Political Economy).

Karl Marx's primary contribution to economics was a new framework that described economics as a struggle for power between different classes. His critiques of capitalism have been accepted by many economic theorists. His work has also spawned countless debates.

Karl Marx ( – ) was a German philosopher, economist, journalist and revolutionary who is one of the most influential figures in history due to the impact of his theories on subsequent intellectual, economic and political history.

Economic Update: The Contributions of Karl Marx. May 6, Series Content. Professor Wolff takes a deeper look at the life and work of Karl Marx in celebration of the th anniversary of his.

Marxian economics - Wikipedia