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Introduction to Political Economy Final Exam (Other (Not Listed) Sample)


Explain, compare, and contrast the Marxist, Neoclassical, and Keynesian theories on unemployment. Be very specific, answer in detail for each theory.


Introduction to Political Economy Final Exam


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Introduction to Political Economy Final Exam

Question 3

There are various overlapping types and theories in economics that address unemployment. These include the Marxist, Neoclassical, and Keynesian theories, which are largely discussed in the literature. Karl Marx argues that unemployment is inherent for populations living in unstable capitalist systems. Resultantly, he alludes that in capitalist systems, periodic crises of mass unemployment are likely to be experienced. The role of the public within a capitalist system is to offer a pool of laborers, who cause downward pressure on the compensation offered by employers. By having surplus labor, the unemployed are left with the challenge of seeking scarce jobs, which offer lower wages. From the Marxist perspective, unemployment in the capitalist system is profitable because it leads to low costs of labor, increasing the returns for the employers. Nevertheless, capitalism unfairly manipulates the labor market, which compromises the worker

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