Marx and the Method of Successive Approximations*

Karl Marx's sociology has been interpreted incorrectly as the consequence of the application of a “dialectical” method to social phenomenon. In this paper, I discuss his actual method of theory construction (a rather more complicated phenomenon than the simple reversal of the Hegelian dialectic), the Ricardian method of successive approximations. This method involves three steps or stages-observation, model formation, and model testing and revision. Marx's Capital is reviewed in the light of his use of this method.