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Good afternoon Mr. Marx,

Clearly, you are not a fan of capitalism. In my opinion, this system that you have taken so much time to critique is the only economic system that could function. You have stated that capitalism and its ideologies are not beneficial for society, whereas I think that it is the only solution for an efficient allocation of resources and economic freedom. Certain government interventions, such as the socialistic Poor Laws, create a bigger problem than the solution, as the money will only uphold the laziness of the workers and encourage them to reproduce, enlarging the population, while reducing the labor costs. Essentially this solution is making the poor, poorer.
Sincerely,
Thomas Malthus.

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Good afternoon Mr Marx,
I am a capitalist. I have been thought to align with Marxism but I don't. Both Marxism and Capitalism aren't sustainable. However, Capitalism is better than Marxism. Marxism can't align with human nature and humans are simply too greedy to achieve a truly communistic system. Capitalism is a system based on greed and everyone working in their own self-interest to achieve the goal of economic prosperity. In addition, a Marxist system operates through a command economy, and a capitalist system operates through a market economy. A command economy doesn't care about the demand of consumers; therefore, equilibrium is never met and the system simple isn't maximizing profits to move the economy forwards. You also mentioned that machines aren't a good economic investment and less efficient; that's simply not true. Machines are able to move the economy much faster than people and produce much more efficiently. Technological revolutions have lead to the possibility of meeting the demand for the increasing population. Also, your padlet focuses greatly on why capitalism is bad and not communism. Communism is your entire thing and you didn't talk about it enough.
Farewell,
Joseph Schumpeter

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Dear Mr. Marx,

Are you aware that you do not think that capitalism is necessarily bad? I'm surprised that you wrote that it is bad in your padlet. Is everything alright?

Anyways, your economic theories are incorrect, as capitalism will not lead to a revolution, like you theorized, because the worker class will not be unhappy. The government will increase their welfare and utility by imposing price floors, and they will live in a world in which they do not have any major economic problems, all thanks to capitalism. Therefore, your theories are now of dust and insignificance, and I'd like you to know that I doubt there will be many economies in the future which will follow your economic theory of Communism.

Accept your loss,
Arthur Cecil Pigou

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Although I believe that most of your theories are quite helpful and meaningful towards economy and the people as a whole, I would also like to disagree with some of your views. Although your theories of economy are very accurate and I would agree with every single one of them, I do not agree with your communistic views on economy. I believe that communism is not a secure system of social hierarchy, as it tends to fail when it comes to its longevity. I do see how influential you have been on economy and hope that someday we can come to terms with our theories and ideas. Thank you for sharing.

Greetings,
Alfred Marshall

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Dear Mr Marx
You have said that capitalism is not beneficial for societies, however I disagree with you for the following reasons. I would like to emphasize that capitalism allows free market to function.
Free market is an economic system where prices are determined through supply and demand. The producers and consumers determine the price of goods through the price signaling: rising price tells the consumer to demand less, reducing price tells the consumer to demand more- and the price is eventually determined at the equilibrium. This results in both productive efficiency and allocative efficiency. Since economy is about how to make decisions and allocate scarce resources in a most effective way, I believe that it is extremely crucial that there are no resources being wasted and left out.
Allocative efficiency means that there are neither shortages nor surpluses when the competitive market works. Therefore, the right amount of resources are allocated towards the production of the right goods and services based on society’s costs and benefits, which makes the free market THE BEST option in economics.
- Friedrich August von Hayek

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This is the first volume of the Capital, written by me!

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his ideas are not good ever and ever!!

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I don't think he is smart

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I Karl Marx am a really humble person, however I think my existence influenced the economy a lot. I speak only facts so I can tell this, because my theories and terms are still used in school by students. I discovered the difference between labor and labor power, which people think it’s my greatest discovery, however I think they are all great. I distinguished the difference between the two and therefore I was able to explain the source of surplus value. In my works I explain what is the ‘law of motion of modern society’, I show how I analysed empirical realities which are smaller down markets to analyse how hypotheses change the economics behavior which I was testing. I created what's called Marxism and it's nothing like anyone saw before. I did this because along with Engels we noticed that people were being mistreated and not respected by people with higher ranks like Owners and CEOs. In hopes that I would make the world a better place, I created something that's called the ‘Communist Manifesto’. I explored the problems of capitalism and I tried to find a solution that forgets about the capitalist system and a society where every member is treated equally and they all benefit from it. The main points of Marixsm are; Capitalism is split up in 2 parts workers and Capitalists. The owners control workers and use them as much as possible so they won’t do the work, and that eventually the workers will stand up and make a revolution abandoning capitalism and leaving the classes behind.

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My books were basically the documentations of all my works and I will talk a little bit about my most famous ones.

(Marx's economic analysis is published in 3 books within which 2 books have 3 volumes (3 volumes of ‘capital’, 3 volumes of ‘the theory of surplus’, and ‘the grundrisse’. )

The capital I wrote in a way to express my previous works, the original title being ‘Das Capital’ it goes along with ‘The communist manifesto’ and other books. In the Capital I talked about my ideas like “How the workers across the world would seize power from the ruling elites across the world”. I gave them a better scientific analysis and used facts unlike in the ‘Communist Manifesto’. In the capital it's not just economics it's also about history and sociology. In this book I try to argue about how economic systems based on private profit are very unstable. Workers are used by factory owners and are not better and valued than machines.

The surplus value trilogy is an important piece because I analyse how the surplus value affects the net profits. I analysed British, French and German political economists, about wealth creation and how industries are profitable. I analysed issues of the sources, forms, and determinants of the scale of the surplus value. I pointed out how failing at solving basic counter statements in labour theories of value the classical school of political economy after some time broke up.

The Grundiennse which full name is ‘The Grundrisse der Kritik der Politischen Ökonomie’ meaning ‘Foundations of a Critique of Political Economy’. It’s a manuscript which I didn’t finish, because I didn't want to publish it. I wrote it with the intention of using it as notes for myself. It's a series of rough draft books which became very popular, however only the 1 came out of the series of criticising political economy, which is ‘The Capital vol.1’. I would consider ‘The Grundrisse’ as the base for my work, this series includes a lot of information about: prices of production, relations of production, distribution, capitalism, the rise of technology and many more. I think it’s a very important series to me, because of the amount of information about the political economy.

As you can see now this is just a % of my works and I had a lot more manuscripts and books however I'm not gonna bore you with them.

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My name is Karl Heinrich Marx. I was born on the 5th of May, in 1818 in Prussia, which is present-day Germany. Sadly, I passed away on the 14th of May, in 1883, in England. However, I have come back to the land of the living to tell you about my economic theories and viewpoints. I was a very important figure in economics, and there is a section of economic studies named after me, called Marxian economics. In addition to being an economist, I was also a sociologist, a historian, and a revolutionist. I did not pursue any of these careers because of my parents, as my father was a lawyer and my mother was an uneducated housewife. I, however, studied at the University of Bonn for some time but left for the University of Berlin to pursue law and philosophy. Here, I was influenced by some of my peers and began to pursue Hegel's philosophy. After graduating, I got married and moved to Paris. Here, I was exposed to communist ideologies and became a communist myself. Most of my work focuses in economics focuses on the inequalities between the bourgeoise and the proletariat, exploring the flaws of capitalism, and promoting communist ideologies.

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I sampled a lot of theories and rules from economists before me who I just think were not evaluating their rules & theories enough. I think that Adam Smith was very talented however his theories appeared absurd to me. I feel like Adam Smith was great at understanding the Labour theory however I didn’t like how it sounded so I improved it. Adam Smith gave me the idea that the grounds of property is labour. I got a lot of knowledge from German Idealist philosophy which helped me understand political economy more. As you know I discovered something very important but I got it from my 2 dead colleagues which I improved greatly which is ‘surplus value’. But more on that later… My theory of marxism is not based on anything, and I tried to not look for inspiration in other already existing theories and books.

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I, personally, have a view on economics that differs from most other economists' views. I see this world from a communist viewpoint, which also transfers into my views on economics. I believe that capitalism and its ideologies are not beneficial for society and capitalism only seeks to exploit workers and maximise profits by whatever means necessary. I believe there are certain faults in the capitalist system when it comes to labour. Firstly, I think that the exploitation of workers is mainly caused by a chaotic free market and labour surplus. There is a surplus of labourers, meaning not everyone is able to get a job, so the salaries of workers will drop. I also believe that with increased specialisation comes a decrease in the overall skills of the workers. This means that workers have less skill overall and are unable to do a job entirely. This also brings lower wages. Lastly, I believe that the cost of a product under capitalism does not entirely reflect the amount of labour that was put into the making of that product. Workers are also not paid accordingly to how much effort and time they put into making a certain good, instead, they are paid the minimum wage. Next, I disagree with classical economists, in terms of the benefits of a free market. They say that a free market benefits society as a whole, but I strongly believe that it is only the bourgeoisie, the rich middle class, that benefits from a free market, as they are able to exploit the worker, the labourer, the proletariat. I also believe that an ideal system would not aspire to maximise profits and productivity or push the behavioural economic system to its limits, but one that seeks to support workers, give them more power, higher wages, and provide them with economic stability. Moving on, I believe that only "payroll" capital is open to exploitation and can produce surplus value/profit. I say this, because even though machines can be more efficient than humans, they are only able to work to a certain extent, and they are more expensive than paying workers. This means that as more and more machines are bought, the overall profit continues to decrease, until a certain point in time, when there is no more profit coming in. Lastly, I believe that capitalism will cause its own demise, and as I've heard during my time here in the last few hours, this has come true. I believe that capitalists only see short term problems and only have short term goals, so they are unable to see the future consequences of their actions. I predicted in some of my writing that capitalism will cause its own demise and markets will crash. The Great Depression and the Global Economic Recession are two examples of such events. I hypothesized that eventually, working conditions would steep so low that workers would revolt and overturn preexisting economic systems, which would lead to economic crises. Another factor would be the continuous drop in living conditions that workers face, so they would eventually stop being able to pay mortgages, pay back loans, and more, which would, again, lead to economic crises.

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This is one of my most famous quotes.

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1818-1883. “Karl Marx.” Econlib, www.econlib.org/library/Enc/bios/Marx.html#:~:text=Marx%20held%20that%20history%20was,and%20workers%20(the%20proletariat).&text=The%20labor%20theory%20of%20value,components%20of%20Marx's%20economic%20thought.

Britannica, The Editors of Encyclopaedia. "Das Kapital". Encyclopedia Britannica, 27 Sep. 2018, https://www.britannica.com/topic/Das-Kapital. Accessed 5 October 2021.

“Karl Marx.” Corporate Finance Institute, 10 Sept. 2020, corporatefinanceinstitute.com/resources/knowledge/economics/karl-marx/.

Kenton, Will. “Karl Marx.” Investopedia, Investopedia, 27 Sept. 2021, www.investopedia.com/terms/k/karl-marx.asp.

McLellan, David T. and Feuer, Lewis S.. "Karl Marx". Encyclopedia Britannica, 1 May. 2021, https://www.britannica.com/biography/Karl-Marx. Accessed 5 October 2021.