Neo-Marxian economics

The terms Neo-Marxian, Post-Marxian, and Radical Political Economics were first used to refer to a distinct tradition of economic thought in the 1970s and 1980s. Many of the leading figures were associated with the Monthly Review School.

In industrial economics, the Neo-Marxian approach stresses the monopolistic rather than the competitive nature of capitalism. This approach is associated with Kalecki, and Baran and Sweezy.

Theorists such as Samuel Bowles,David Gordon, John Roemer, Herbert Gintis, Jon Elster, and Adam Przeworski have adopted the techniques of neoclassical economics, including game theory and mathematical modeling, to demonstrate Marxian concepts such as exploitation and class conflict.

The Neo-Marxian approach integrated non-Marxist or "bourgeois" economics from the Post-Keynesians like Joan Robinson and the Neo-Ricardian school of Piero Sraffa.

Polish economists Michał Kalecki, Rosa Luxemburg, Henryk Grossman, Adam Przeworski and Oskar Lange were influential in this school, particularly in developing theories of underconsumption. While most official Communist Parties denounced Neo-Marxian theories as "bourgeois economics", some Neo-Marxians served as advisers to socialist or Third World developing governments.

Maurice Dobb despite being an orthodox Marxist economist was also associated with this current.

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