Marx and Modern Microeconomics

Few economists doubt that Marx flunked economics, a judgement mostly based on his labor theory of value. But this column argues that Marx’s representation of the power relationship between capital and labor in the firm is an essential insight for understanding and improving modern capitalism. Indeed, this insight is incorporated into standard principal–agent models of labor and credit markets.  

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Glen Weyl: “The Very Structure of Capitalism Is Inherently Monopolistic”

In an interview with ProMarket, Glen Weyl, co-author of the wildly ambitious (and wildly controversial) new book Radical Markets: Uprooting Capitalism and Democracy for a Just Society, talks about antitrust, data as labor, and why he thinks the free market system is not actually free. “The entire business community has been speaking with one voice in the common interest of capital as a class,” he says.  

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Have Business Schools Lost Their Way? Duff McDonald Talks HBS and the Moral Failure of the MBA Elite

Harvard Business School is the largest business school in the world, but is it fulfilling its founding mission of educating businesspeople who “handle their current business problems in socially constructive ways”? Duff McDonald, author of the recent The Golden Passport, speaks to ProMarket about whether business schools should incorporate ethics into their teaching and how he went about writing a book about HBS despite being denied access to HBS faculty.  

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