+1Quote from Misthos:
I think the value in most competing economic theories is their criticism of other theories.
That said, understanding Marxism is still important, as it points out some valid criticisms of capitalism. In Das Kapital, Marx differentiated between industrial capital and finance capital, and was extremely critical of finance capital.
You don't have to be a Marxist to appreciate this view. All too often people have a knee jerk reaction to Marxism that I believe is based more on the USSR cold war era than on honest study of Marx's writings. Do I believe in Communism? No. But I do believe that Karl Marx was ahead of his time and held some valid opinions.
Here is a very interesting (lengthy and dense) article by Michael Hudson. For those that want to really expand their knowledge - give it an honest read. You'll be surprised at how much you will agree with Marx - and don't worry, that doesn't make you a Marxist.
From Marx to Goldman Sachs: The Fictions of Fictitious Capital
http://michael-hudson.com/2010/07/from-marx-to-goldman-sachs-the-fictions-of-fictitious-capital1/
Marx was a brilliant critical thinker, which is incredibly valuable. However, I don't think he ever offered a constructive and practical solution.
