Is it too simple to say that Marx’s key insight was that inequality crucially influences the growth of an economy?
OVERVIEW: This essay is an assessment for a first year Economics BSc module which studies the theories of prominent Economists (Smith, Marx, Hayek, etc). Students are expected to gain basic grasp of key concepts and ideas introduced by these schools of thought and their implications, be able to critically evaluate their merits and weaknesses and judge their relevance, both historically and in today’s world.
This particular essay will examine elements of Marxist Theory.
SPECIFICS:
2000 word limit; excluding the question title and bibliography (references)Harvard-Style referencing, including in-text citations and a bibliography appendix.
When citing academic material, try to strike a balance between using direct quotations and paraphrasing (e.g. 40% quotes; 60% paraphrasing)
FORMAT, STRUCTURE and GUIDANCE:
The focus of the essay is Marx’s notions of Inequality (caused by Exploitation of Labour via ‘unpaid labour time’) and how this impedes economic growth (due to ‘tensions between the classes’).
The introduction of the essay should briefly explain of this concept and state the key points for the discussion which is: how important/relevant is this concept of Inequality in Marx’s theory
Provide some brief historical context about the socio-economic backdrop during which Marx wrote his theories, how his ideas differed from conventional economic thinking at the time, how they were received, but DO NOT focus on this. AVOID directly comparing to other theories or quoting/citing other economists. This is not what this essay is about.
In the main body of the text, explain Marx’s Inequality/Growth concept, discuss its the socio-economic implications, assess its importance compared to other facets of Marx’s theory and the role that these ideas played in the study of Economics.
Examine the impact and relevance of his ideas, both historically and now, by giving a few real-world examples.
Construct an argument which states whether you think that Marx’s notions of Inequality (typically considered Marx’s most astute observation in his critique of Capitalism) is of pre-eminent importance, or that other facets of his doctrine are more crucial and have wider reaching implications.
How relevant are they in solving the problems of the modern world?
Use some charts/figures/basic equations if need be; label and cite
When constructing the argument, draw directly from Marxian theory. Use some historical and contemporary examples to support your case, but focus mainly on analysis of theory; e.g. 75% theory; 25% examples.
Back up your argument with reasoning, cite relevant academic literature and give some examples. Assert your case, but remain objective, fair and balanced; provide some counterpoints.
In the conclusion, concisely summarise the points that you made; re-affirm your case, but also briefly acknowledged the limitations of your study.
KEY POINTS TO REMEMBER:
Use formal academic style of writing that demonstrates intelligence, but avoid pomp, overly educational or pedantic language. Be clear, concise and comprehensive.
Students to demonstrate good knowledge and academic proficiency; but try not to go overboard.
Don’t include advanced concepts far beyond the curriculum and avoid presenting your analysis in a way that would be unrealistic for a first year student to master.
