Principles of Economics: Ideas That Moved Markets – Tracing the Economic Mind from Marx to Keynes

The guest session on “Principles of Economics: Ideas That Moved Markets – Tracing the Economic Mind from Marx to Keynes” was conducted by Prof. Avichal Sharma, Faculty of Economics, School of Sciences, Christ University, Lavasa, on 10 September 2025. The session provided students with a comprehensive understanding of the evolution of economic thought, tracing the trajectory of ideas that have profoundly influenced how economies function and how societies respond to economic challenges. Prof. Sharma’s lecture was meticulously structured, moving from the foundational concepts of classical economics to the transformative theories introduced by seminal thinkers such as Karl Marx and John Maynard Keynes. By highlighting the historical context in which these ideas emerged, the session allowed students to appreciate not only the intellectual rigor behind these theories but also their practical implications in shaping economic policies and markets over time.

Prof. Sharma began by exploring the contributions of Karl Marx, emphasizing his analysis of capitalism, class structures, and the dynamics of labor and production. Marx’s critique of industrial society, his theory of surplus value, and his predictions about the conflicts inherent in capitalist economies were presented not merely as historical theories but as lenses through which contemporary economic inequalities and labor issues could be examined. The discussion encouraged students to critically analyze how Marxian thought continues to influence debates on wealth distribution, social welfare, and the role of government intervention in modern economies. Transitioning to the 20th century, Prof. Sharma provided an insightful overview of John Maynard Keynes and the revolutionary impact of his ideas during the Great Depression. Keynesian economics, with its emphasis on aggregate demand, government spending, and fiscal intervention, was explained with reference to both historical events and contemporary economic policies. Prof. Sharma illustrated how Keynesian principles have informed global responses to financial crises, stimulating discussions on the balance between market forces and state intervention. By comparing and contrasting Marxian and Keynesian approaches, students were encouraged to think critically about the evolution of economic thought and the shifting priorities of societies facing different challenges.

Throughout the session, Prof. Sharma emphasized the interconnectedness of economic theories and real-world applications, encouraging students to reflect on the relevance of classical and modern economic ideas in today’s complex global economy. He highlighted case studies and examples that demonstrated the impact of economic thought on policy-making, financial markets, and societal welfare, fostering an appreciation for the dynamic relationship between theory and practice.

The session concluded with an interactive segment, where students engaged with Prof. Sharma through questions and discussions, clarifying concepts and exploring how historical economic perspectives can inform solutions to contemporary challenges such as unemployment, inflation, and global inequality. The dialogue was lively and intellectually stimulating, providing students with the opportunity to deepen their understanding and critically evaluate the applicability of economic theories in modern contexts. Overall, the guest lecture was highly enriching, offering a nuanced exploration of the development of economic thought. It successfully bridged the gap between classical ideas and their modern applications, leaving students with a broader perspective on how foundational economic principles continue to shape markets, influence policies, and guide societal progress. The session not only enhanced students’ academic knowledge but also inspired critical thinking and reflection on the ongoing relevance of these transformative ideas.