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Karl Marx argued that

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Karl Marx argued that

Karl Marx argued that

▸ a free-market system would produce a low level of total output.

▸ technological change was not important in improving living standards.

▸ the unfettered market system driven by self-interest leads to the best social outcome.

▸ benevolence, not self-interest, produced an effective economic order.

▸ centrally planned economies could provide a more equitable distribution of total output than capitalist economies.

Textbook

Microeconomics

Edition: 17^th

Author: Ragan

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