Progressive economic thought focuses on benefiting all of society, not just the wealthy, through government intervention. Marx's analysis emphasizes social relations and labor as the creator of wealth. Labor theory of value, exploitation, capital accumulation, and monopoly are key concepts in understanding economic structures. Labor is crucial for development and surplus time beyond subsistence is essential for progress. Marx critiques capitalism using concepts like falling rate of profit and immiseration of the proletariat. Labor is the active creator of wealth and its allocation is vital for societal development.