Marxian 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.