What is Marx’s legacy?
Branco Milanovic argues that three events catapulted Marx into fame: a) Engels existence; b) the October Revolution; and c) the Financial crisis! As a result:
[…] his influence is inextricably linked with capitalism. So long as capitalism exists, Marx will be read as its most astute analyst. If capitalism ceases to exist, he will be read as its best critic. So whether we believe that in another 200 years, capitalism will be with us or not, we can be sure that Marx will.
The influence of Karl Marx—a counterfactual
By: Branco Milanovic – City University of New York
His impact on microeconomics
Marx flunked economics, many economists would argue, but his insight into the relationship between capital and labor in the firm was instrumental in the development of standard principal–agent models of labor and credit markets.
Marx and Modern Microeconomics
By: Samuel Bowles – Santa Fe Institute
What were Marx’s ideological flaws?
In this 2013 essay Bradford DeLong evaluates Marx’s big ideas: describes his foresighted observations about capitalism and analyzes his mistakes.
Understanding Carl Marx
By: Bradford DeLong – Berkeley
