LES holds talk on Marxian Economics Apr09


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LES holds talk on Marxian Economics


On 1 April 2014, the Lucas Economics Society organized a talk on Marxian Economics by eminent academician, political activist and popular musician, Dr Taimur Rahman.

Marxian Economics is a school of economic thought based on the work of Karl Marx. It emphasizes on the role of labor in the progress of an economy. Dr Taimur Rahman talked about Marx’s ideas about wage-labor and capital. He started by explaining the mechanism of price determination which involves the market forces of supply and demand and questioned the mechanism of wage determination.

While talking about the general relation of increase in profit with decrease in wages, Dr Taimur discussed how a capitalist economy works and how it is exploitive for working class. Profit increases by the same proportion that wages are reduced and vice versa. Profit maximization and rapid capital growth are at the heart of a capitalist economy and this can only be achieved when the relative wages are decreased with the same proportion thus, exploitation is inevitable in such a system.

Moreover, the versatile speaker made the event even better bya musical performance which echoed his economic ideology. Dr Taimur is the band leader and spokesperson of the music group named Laal. He is also a professor of political science at LUMS since 2002.