What was Karl Marx's influence on modern economic thought?

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farouk23 eNotes educator| Certified Educator

Karl Marx primary influence over modern economic thought is in the area of Marxist economic theory and to a lesser extent socialism.Marxist theory or theories are in direct conflict with capitalism as it eschews private ownership (rent collection) and accumulation of capital and wealth. Marxist theory holds that resources should be distributed fairly and equitably, based on each person’s direct contribution to society. Marxism generally favours labour (workers) over capital and economic planning is generally made on the basis of societal need, rather than profitability of the venture.