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===Schools of economics=== [[Karl Marx]] developed an alternative economic theory, called [[Marxian economics]]. Marxian economics is based on the [[labor theory of value]] and assumes the value of good to be based on the amount of labor required to produce it. Under this axiom, [[capitalism]] was based on employers not paying the full value of workers labor to create profit. The [[Austrian School]] responded to Marxian economics by viewing [[entrepreneurship]] as driving force of economic development. This replaced the labor theory of value by a system of [[supply and demand]].
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