Northwood professor’s work featured in the Journal of Political Economy

Dr. Makowi measured the impact of the Russian Revolution on the influence of Karl Marx

The Northwood Professor’s work has been acknowledged by the Journal of Political Economy.

“It is a testament to the importance of Dr. Makowi’s work that his articles will appear. Journal of Political Economy which is one of the oldest and most prestigious journals in economics,” said Northwood University Academic Vice President and Provost Dr. Christine Stehauer said.

Dr. who teaches economics at Northwood University. Michael Makowi co-authored an article with economist Phil Magness titled “The Mainstreaming of Marx: Measuring the Effect of the Russian Revolution on Karl Marx’s Influence.”

“Phil Magnes and I were surprised by the fact that despite the fact that Karl Marx is so famous today, his economic hypothesis was rightly refuted by economists in 1871, when the marginal theory of value replaced the labor theory of value,” Dr. Makowi said, “Among economic theorists today, Marx is mentioned only in the history of thought—not because his theory has any contemporary relevance or importance.”

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Yet outside of economics, Marx is one of the most famous and widely cited thinkers, Dr. Makowi explained. Even in fields outside the social sciences—including English literature—Marx is often cited as having great contemporary relevance and importance.

“We were surprised by this contradiction, and we hypothesized that Marx’s extraordinary influence had relatively little to do with the inherent validity or importance of his ideas. Instead, we suggested that the Russian Revolution of 1917 elevated Marx to a level of political prominence that made him attractive to non-economists. created who were not aware of the fact that his theories had been disproved decades earlier,” Dr. Makowi continued. “We tested our hypothesis by comparing the speed of Marx’s citations before and after 1917. We found that after 1917, Marx’s citations began to grow faster than the trend, just as we had predicted.”

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The Journal of Political Economy Presents important and essential scholarship in economic theory and practice. The journal publishes highly selective and widely cited analytical, interpretive, and empirical studies in a number of fields, including monetary theory, fiscal policy, labor economics, development, microeconomic and macroeconomic theory, international trade and finance, industrial organization, and social economics.

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“We are very proud of the exemplary work done by Dr. Makowi and Dr. Magness Journal of Political Economy“, said Dean of Faculty Tim Patti. “This is something the entire Northwood community can celebrate.”

Dr. Makowi hopes to inspire Northwood students by seeing his faculty published in the world’s top economic journals.

“This is something we work to achieve throughout our careers in academia, and I am privileged to represent Northwood in this capacity,” said Dr. Makowi added.

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