Economics is founded on empirical data. Marx theories could not be supported by a shred of empirical data. He was more an ideologue and idealist(admittedly very attractive and appealing for those who believe in equality). Anyway, 101 Economics does not cover Marx. Usually a separate module covering theorists mentions marx and how his theory evolved and why he ultimately failed.
Actually Marx works are found in Politics 101 and Philosophy 101.
Actually Marx works are found in Politics 101 and Philosophy 101.
Dear Scroobal
Marx is still in all basic economics 101 textbooks :_)) He provided a counter balance to the Adam Smith ideal that the Fee Market corrected for everything
He may not have been great in the sense that he was right, he was great because even though he was wrong he contributed to the body of economic theory by bringing attention to a different side of the free market equation.
The very existence of marxism forced capitalism to adapt its economic redistribution policies so that its inherent capitalism contradictions did not destroy itself
Locke