The Economic Theory of the Leisure Class

"The Economic Theory of the Leisure Class" is a foundational Marxist critique of marginal utility theory and the Austrian School of economics. Written by Nikolai Bukharin, this work provides a rigorous analysis of the "rentier" class-the segment of the bourgeoisie that subsists on interest and dividends rather than active participation in the production process. Bukharin systematically deconstructs the subjective value theories championed by economists such as Eugen von Böhm-Bawerk, arguing that their perspective reflects the decadent and unproductive worldview of the late capitalist elite.

By contrasting the individualistic approach of the marginalists with the social and historical methodology of Marxism, the book seeks to validate the labor theory of value and the necessity of structural economic transformation. This work remains a significant historical document for readers interested in the development of socialist thought, the history of economic theory, and the philosophical foundations of political economy. It serves as an intellectual defense of orthodox Marxism against the neoclassical synthesis of the early twentieth century, emphasizing the class-based nature of economic science and the inherent contradictions of the capitalist system.

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