Austrian economics essay contest

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Much of the critique of classical Marxian economics came from Marxian economists that revised Marx's original theory, or by the Austrian school of economics. V. K. Dmitriev, writing in 1898, [12] Ladislaus von Bortkiewicz , writing in 1906–07, [13] and subsequent critics claimed that Marx's value theory and law of the tendency of the rate of profit to fall are internally inconsistent. In other words, the critics allege that Marx drew conclusions that actually do not follow from his theoretical premises. Once these alleged errors are corrected, his conclusion that aggregate price and profit are determined by, and equal to, aggregate value and surplus value no longer holds true. This result calls into question his theory that the exploitation of workers is the sole source of profit. [14]

Austrian economics essay contest

austrian economics essay contest

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