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Thompson analyses the English working class as a group of people with shared material conditions coming to a positive self-consciousness of their social position. This feature of social class is commonly termed class consciousness in Marxism, a concept which became famous with Georg Lukács' History and Class Consciousness (1923). It is seen as ...
Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy . However, unlike critics of political economy , Marxian economists tend to accept the concept of the economy prima facie .
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Classical Marxism is the body of economic, philosophical, and sociological theories expounded by Karl Marx and Friedrich Engels in their works, as contrasted with orthodox Marxism, Marxism–Leninism, and autonomist Marxism which emerged after their deaths. [1]
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
"Class, at its core, is an economic concept; it is the position of individuals in the market that determines their class position. And it is how one is situated in the marketplace that directly affects one's life chances". [7] This was theorized by Weber on the basis of "unequal access to material resources".
Weber held there are more class divisions than Marx suggested, taking different concepts from both functionalist and Marxist theories to create his own system. He emphasizes the difference between class, status, and party, and treats these as separate but related sources of power, each with different effects on social action.
Economics classes make extensive use of supply and demand graphs like this one to teach about markets. In this graph, S and D refer to supply and demand and P and Q refer to the price and quantity. The following outline is provided as an overview of and topical guide to economics: