According to the __________, all production belongs to labor rather than the capitalist owners.
A. Neoclassical School
B. Marxist School
C. Chicago School
D. Keynesian School
Answer (2)
The answer is B. Marxist School. The Marxist theory, established by Karl Marx, argues that labor is the primary source of value in the economy, advocating for laborers' ownership of production rather than capitalists. It highlights the class struggle between workers and owners, seeking economic equality through communal ownership.
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The correct answer to the multiple choice question is the 'Marxist School.'
According to Marxist theory, all production and the value generated from it fundamentally belong to labor. In the Marxist view, the capitalist owners, who control the means of production, exploit the labor of workers by paying them less than the value of what they produce, thereby generating profit for themselves. This concept is central to Karl Marx's critique of capitalism and is outlined in his seminal work, 'Das Kapital.'
The 'Neoclassical School,' 'Chicago School,' and 'Keynesian School' have different views on economics and do not emphasize the same belief about the ownership of production. The Neoclassical School focuses on the supply and demand equilibrium; the Chicago School, known for its free-market approach, emphasizes minimal government intervention in markets; and the Keynesian School focuses on total spending in the economy and its effects on output and inflation.
Understanding these different schools of economic thought can help one grasp how various economic theories explain the relationship between labor, capital, and ownership.
