Karl Marx was a famous 19th century economist who is known for establishing theories of capitalism and socialism. Some of his most important works included the Communist Manifesto and Das Kapital. In Das Kapital, he argued that capitalism contained internal contradictions that would eventually cause its collapse, to be replaced by a system of Marxist socialism. Amartya Sen is a Nobel Prize winning economist who made important contributions to welfare economics and developed more sophisticated measures of poverty. He also studied famines and argued they were sometimes caused not by lack of food but by declines in income that prevented certain groups from being able to afford food.

1. Legacy of great economist- Karl Marx…

2. Karl Heinrich Marx (1818-1883) is often misrepresented and misunderstood by social scientists and the political establishment — it’s often seen that Marx headed some large scale socialist revolution, eventually leading to what appears to be the collapse of Communist Russia and the associated states; in reality, Marx was but a famous — and rather extreme — thinker of his time. This piece will be in no way a complete introduction to Karl Marx, but rather a brief primer of his most important contributions to economic theory; that of surplus value created by the labourer. Marx’s work aimed to demonstrate that capitalism, which he clearly loathed — but understood as a great driving force towards economic growth — suffered a set of internal contradictions in its very philosophy which would eventually cause a great collapse. Born in Trier, Germany to a Jewish family, Marx converted to Protestantism early in his life. A student of philosophy, law and history at the universities of Bonn, Berlin, and Jena. After university, the student was not offered university positions due to radicalism, however, ended up editing and writing for the paper Rheinische Zeitung, where some of his publications brought him in a negative light with the government and political establishment. In 1843, Marx’s radicalism led him to being exiled from Germany. Being exiled, Marx went to Paris, where he studied French socialism and eventually met his long-time friend and collaborator, Friedrich Engels (1820-1895). In 1848, Marx and Engels co-authored the Manifesto of the Communist Party, where their ideas were recognized as “communistic,” and led to his exile from Paris to London; where he did not leave, save for short visits to mainland Europe, for the rest of his life.

4. LEGACY OF GREAT ECONOMIST- AMARTYA SEN

5. In 1998, Amartya Sen received the Nobel Prize “for his contributions to welfare economics.” Much of Sen’s early work was on issues raised by kenneth arrow ’s “impossibility theorem.” Arrow had shown, much more generally than Condorcet had in 1785, that majority rules often lead to intransitivities. A majority may prefer a to b and b to c, but it does not follow, as it does for an individual, that the majority prefers a to c (see public choice ). If the majority prefers c to a, then there is an intransitivity. With coauthor Prasanta Pattanaik, Sen specified certain conditions that eliminate intransitivities. He did later work on his own that resulted in a 1970 book that added to Arrow’s initial insights. One major theme was his skepticism about utilitarianism. The Nobel committee cited this work in awarding the prize. Sen also pointed out that the standard measure of poverty in a society, the proportion of people who are below a poverty line, leaves out an important datum: the degree of poverty among the poor. He came up with a more complicated index to measure not only poverty but also its degree. Sen studied famines in various parts of the world and pointed out that they sometimes occurred even when there was no decline in food output. Some famines occurred when the real income of specific groups fell so that these groups could no longer afford to buy food. In such cases, most economists would advocate giving money to such people so that they could buy food and make their own trade-offs between food and other things. Along with coauthor Jean Drèze, Sen, though no strong believer in economic freedom , defended this standard economist’s view and argued mildly against price controls on food because such controls would reduce the amount of food produced.

6. Sen also wrote articles in 1990 and 1992 in which he argued that there were 100 million fewer females in China, India, and other Asian countries than there should have been. He assumed, reasonably, that this was because of discrimination against women by men and by governments. Many wondered if the Chinese government’s one-child policy (which encouraged abortion when the expectant mother thought she was having a girl) might be one of the culprits behind this “missing women” phenomenon. More recent research, though, has found that about half of the female undercount can be explained without resort to female mortality. It turns out that women who are carriers of hepatitis B tend to have more boys than girls, and that the incidence of hepatitis B is high in these Asian countries. 2 Sen was born in India. He completed his early academic education there and earned his doctorate from Cambridge in 1959. He was a professor at the University of Delhi from 1963 to 1971, at the London School of Economics from 1971 to 1977, at All Souls College in Oxford from 1977 to 1988, and at Harvard University from 1989 to 1997. He is now Master of Trinity College at Cambridge University……