In this introductory chapter, we will discuss some methodological issues that will prepare us for the study of Marx's economics. We will begin by acquainting ourselves with Marx's life in general and, in particular, understanding Marx's route to the study of political economy. This will allow us to grasp the motivations that propelled Marx to the study of political economy. On the way we will engage with two important ideas: dialectical method and historical materialism. In the second part of this chapter, we will study the logic behind the structure of his mature work, Capital. The structure of Marx's presentation in Capital reflects his understanding of some important aspects of the methodology of social sciences. A proper understanding of the structure of Capital can potentially prevent us from misunderstanding some of Marx's economic arguments.

Marx's Route to Political Economy

How and why did Karl Marx come to the study of political economy? In this section, we look, very briefly, at the life and times of Karl Marx and try to understand the motivations that underlay his lifelong study of political economy.

First Phase of Studies

Marx came to the study of economics via jurisprudence, philosophy, history and journalism. After completing his PhD in philosophy from the Universityof Jena in 1841, he quickly gave up hopes of an academic position. He realized that there was no real prospect of an academic job materializing in Germany due to his radical political views. So he turned to journalism, writing for and then becoming the editor of a radical democratic newspaper Rheinische Zeitung (Rhineland Gazette). As editor of the newspaper, he found himself ill prepared to deal with issues of what he called ‘material interest’.