Comment by regularization
14 hours ago
As the article talks about Marx, let us consider the falsifiable predictions of Narx, who died in 1883.
* Economic crises (recessions, depressions) would continue, and becone worse over time (example: subprime crisis of 2008)
* profitability rates would go down over time
* wealth would concentrate more over time
* middle class would be slowly shrunk - say, doctor's losing their own offices and made to see people in 15 minute appointment blocks
* real hourly wages would fall
* proletariat will revolt and displace the bourgeoisie, in the manner the bourgeoisie overthrew the feudal order
These predictions are all falsifiable
Like all historical thinkers making claims in economics, sociology and history Marx was wrong about a lot of things. So was Smith, Ricardo and countless others. However that doesn't settle the question if there is an updated version of some descriptive or normative claims traceable back to Marx, Smith or Ricardo that is well supported today. Agree?
"wealth would concentrate more over time", which it in fact did and keeps doing, on some measures such as the absolute GINI.