concept/mind map :
karl marx economic theory & Jannet Yellen :
Karl Marx (5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist and socialist revolutionary.
Due to his political publications, Marx became stateless and lived in exile. His best-known titles are the 1848 pamphlet, The Communist Manifesto, and the three-volume Capital. His political and philosophical thought had enormous influence on subsequent intellectual, economic and political history.
Marx predicted that, like previous socio-economic systems, capitalism produced internal tensions which would lead to crisis, and concentration of power for the capitalist.
Crisis and Concentration of Economic and Political Power.
Karl Marx argued that Capitalism was inherently unstable and would experience constant crises.
He also argued that Capitalism would tend to generate huge differences of income and political power among the population.
The length of the Working Day.
According to Marx, the length of the working day and limits to the number of working hours was the result of centuries of struggle between the capitalist class and the working class. The capitalist tries to extend the number of working hours to extract surplus value from the working classes.
Marx used Dialectics and historical materialism to analyse Capitalism. This is a very different approach than the one used by other economists. Dialectics a) Explain in your own words what we mean by “Dialectics” and how it relates to “Historical Materialism”.
The Laws of Motion for Capitalism
According to Marx, prior to the development of capitalism, the circulation of the commodity could be represented by C-M-C. However, inthe capitalist system the circulation can be represented by M-C-M.
Janet Louise Yellen (August 13, 1946 – present) is an American economist as the Chair of the Federal Reserve from 2014 to 2018, and as Vice Chair from 2010 to 2014.
Yellen was nominated by President Obama to succeed Ben Bernanke as Chairwoman of the United States Federal Reserve.In a landmark decision spurred by popular demand, she was sworn in on February 3, 2014, making her the first woman to hold the position
Most of Yellen’s research as an academic economist has focused on employment. She is considered a Keynesian economist who believes that economic markets are fundamentally flawed and need governmental regulation to function correctly.
She created economic models showing how firms seeking to maximize profits would pay higher than minimum wages. This model was a rebuttal to free marketeer economists such as Robert Lucas, who mandated that flexible wages and prices would allow the economy to revert to form more easily after market upheavals.
She helped to the foundations for New Keynesian economic philosophy.
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