SummaryThis is the first important school of economic thought, which included some of the best known economists of all times. Thanks to these authors, the study of economics became more of a science, instead of just a kind of philosophy. It took place from the late 18th century to the late 19th century.
Karl Marx was a German politician, philosopher, economist, and sociologist (1818-1883). He studied law and it was in his famous “Thesis on Feuerbach”, where he formulated the proposition that the philosopher must not be contented with the contemplation of life, but must contribute in changing it. Marx’s early contributions to Economics were as editor of the “Rheinische Zeitung”, whose radical content made him face Prussian authorities. In 1847, along with Friedrich Engels, he wrote the Communist Manifesto, true synthesis of his thinking. However, his most important work is “Capital: Critique of Political Economy”.
Although he is the one who gave name to the Classical school of Economics, and he might not be considered a part of it because of his different conclusions on theory of value, we consider he should be considered part of this school, mainly because he worked on the same issues as other classical authors.