Do Economists Still Use Marxist Ideas?

While Marxism and Marxian economics have been largely rejected by the mainstream today, many of Marx's critiques of capitalism remain relevant. This article explores the extent to which modern economists incorporate Marxist ideas into their theories and practices.

Modern Economists Drawing on Marxist Ideas

Contrary to the widely held belief that Marx's ideas are obsolete, several contemporary economists continue to base their theories on Marxist concepts. Here are some notable figures in this movement:

Thomas Piketty (FR): Renowned for his book Capital in the Twenty-First Century, Piketty's work focuses on wealth inequality and the historical trends of capital accumulation. Yanis Varoufakis (GR): Former Greek Minister of Finance and leader of the DiEM25 Democracy in Europe Movement, Varoufakis has been vocal about the need for radical reforms in the European economy. Noam Chomsky (US): Although primarily known for his critiques of U.S. policy and anti-war stance, Chomsky also engages with Marxist economic theories, analyzing structural imbalances within capitalism. Paul Cockshott (UK): An author of numerous books on computerized planned economies, Cockshott explores the possibilities of combining technological advancements with a socialist economic model. John Bellamy Foster (US): A professor at the University of Oregon, Foster has written extensively on eco-socialism, merging environmental concerns with Marxist economic theory. Rutger Bregman (NL): Bregman gained attention for his advocacy for more progressive economic policies, such as a wealth tax, and his book Humankind: A New Story About What It Means to Be Human.

These individuals, among others, continue to contribute to and expand the Marxist economic discourse, challenging traditional capitalist paradigms and proposing alternative frameworks.

Bourgeois Economists and Capitalism

On the other hand, most modern bourgeois economists are deeply invested in celebrating the institutions and outcomes of capitalism. Their primary goal is often to provide justifications for the status quo, making them unlikely voices for radical economic change. They achieve fame by offering analyses and solutions that cater to the interests of the wealthy and powerful.

Marx's Theory and Its Relevance

Marx was primarily a theorist and proto-social scientist, rather than a practicing economist. While he made significant contributions to economic theory, which have been debated and applied in various ways, there are very few tenured economists in the United States who openly subscribe to Marxist economic ideas. However, his critiques of capitalism, such as the concentration of wealth and power among the elite and the injustices within the class system, remain powerful and thought-provoking.

Whether through theory or activism, modern economists who draw on Marxist ideas play a vital role in challenging the status quo and proposing new pathways for economic justice and sustainability.