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- W4233278323 abstract "Abstract The locution, “classical political economy,” was coined by Karl Marx, writing in the first edition of Capital , volume 1, in order to describe those “economists who, since the time of W[illiam] Petty, have investigated the real internal framework [ Zusammenhang ] of bourgeois relations of production, as opposed to the vulgar economists who only flounder around with the apparent framework of those relations” (Marx 1977 [1867]: 174–5). Marx's own association with classical political economy was both liminal and critical, characterizing it as belonging to that period in England in which, he argued, “the class struggle was as yet undeveloped” (Marx 1977 [1867]: 96). For Marx, that described a period roughly from the time of Petty's Political Arithmetick (1899 [1690]), through Adam Smith's An Inquiry into the Nature and Causes of the Wealth of Nations (1976 [1776]), to The Principles of Political Economy and Taxation (2005 [1821/1817]) of David Ricardo. The key element common among the “classicals” as Marx characterized them, was recognition of some form of the labor theory of value and the proposition that the key theoretical relations of production to be studied were those between the elements of rent and wages in the early manufactory production, and socially , those relations among the larger aggregate groupings of society sustained by either rent, wages, or capital (profits), rather than the relations of putative individual actors in the market. Of Ricardo, Marx wrote in Capital , that while his analysis of the magnitude (i.e., measure) of value was “insufficient,” Ricardo had “ultimately (and consciously) made the antagonism of class interests, of wages and profits, of profits and rent, the starting point of his investigations” (Marx 1977 [1867]: 96)." @default.
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- W4233278323 date "2014-07-18" @default.
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- W4233278323 title "Classical Political Economy" @default.
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- W4233278323 doi "https://doi.org/10.1002/9781118474396.wbept0158" @default.
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