1) Marx vs. Modern Conservative EconomistsKarl Marx?s analysis of the essential ?laws of motion? of fully developed capitalism suggested that capitalism was an exploitative economic system filled with class conflict and characterized by limited mobility for the majority of working people.?? In sharp contrast, many modern mainstream economists argue that our economic system is a wide open system of equal opportunity for all.? Indeed, in Edwin Mansfield?s introduction to the capitalist system, he notes that under capitalist economies, ?you or I can own the means of production, we can own factories?.? He also notes that workers are ?free to work where, when and if they please.?? (See Mansfield handout) Conservative economists like Milton Friedman also suggest that the combination of full employment and capitalist competition for workers will generally provide laborers with strong protection from abuses and will guarantee that workers will be paid fairly ? according to their individual productivity.? Moreover, as productivity rises across the economy, so will workers? wages ? automatically without any need for unions.?? In the end, if workers would like to move up the social ladder, all they have to do is get a good education, work hard and save a good deal of? their earnings.? It?s clearly up to them.?In your essay, carefully explain in some detail why Marx?s analysis of profit maximization, capitalist competition and the ?laws of motion? of fully developed capitalist societies seriously disagrees with ALL of the above conservative arguments, and why he argued that workers would have to organize unions and struggle collectively in order to achieve a better standard of living within the capitalist system.? Finally, give three good examples where empirical (i.e., factual) evidence from the past thirty years seems to support some of Marx?s claims regarding the tendencies of unregulated (Laissez-faire) capitalism.