Question

Discuss the economic definition of law as given by karl marx with its demerits

Answer 1

Marxist economics are based off of the economic theories of PhilosopherKarl Marx. Marx's theories explain the "rules of motion" of production and exchange under capitalism. ... Marxused the Labor Theory of Value, which says that the value of a commodity isdetermined by the labor required to produce it.

Demerits..

. It tries to abolish religion. 

It negatively affects the educational system.

 It does not value the concept of private ownership. 

It limits opportunities for entrepreneurs.