|
Labor Theory Of Value
The labor theory of value (LTV) is a theory of value that argues that the exchange value of a good or service is determined by the total amount of " socially necessary labor" required to produce it. The contrasting system is typically known as the subjective theory of value. The LTV is usually associated with Marxian economics, although it originally appeared in the theories of earlier classical economists such as Adam Smith and David Ricardo, and later in anarchist economics. Smith saw the price of a commodity as a reflection of how much labour it can "save" the purchaser. The LTV is central to Marxist theory, which holds that capitalists' expropriation of the surplus value produced by the working class is exploitative. Modern mainstream economics rejects the LTV and uses a theory of value based on subjective preferences. Definitions of value and labor According to the LTV, value refers to the amount of socially necessary labor to produce a marketable commodity; Acco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Theory Of Value (economics)
In economics, economic value is a measure of the benefit provided by a goods, good or service (economics), service to an Agent (economics), economic agent, and value for money represents an assessment of whether financial or other resources are being used effectively in order to secure such benefit. Economic value is generally measured through units of currency, and the interpretation is therefore "what is the maximum amount of money a person is willing and able to pay for a good or service?” Value for money is often expressed in comparative terms, such as "better", or "best value for money", but may also be expressed in absolute terms, such as where a deal does, or does not, offer value for money. Among the competing schools of economic theory there are differing Theory of value (economics), theories of value. Economic value is ''not'' the same as Price, market price, nor is economic value the same thing as market value. If a consumer is willing to buy a good, it implies tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cambridge University Press
Cambridge University Press was the university press of the University of Cambridge. Granted a letters patent by King Henry VIII in 1534, it was the oldest university press in the world. Cambridge University Press merged with Cambridge Assessment to form Cambridge University Press and Assessment under Queen Elizabeth II's approval in August 2021. With a global sales presence, publishing hubs, and offices in more than 40 countries, it published over 50,000 titles by authors from over 100 countries. Its publications include more than 420 academic journals, monographs, reference works, school and university textbooks, and English language teaching and learning publications. It also published Bibles, runs a bookshop in Cambridge, sells through Amazon, and has a conference venues business in Cambridge at the Pitt Building and the Sir Geoffrey Cass Sports and Social Centre. It also served as the King's Printer. Cambridge University Press, as part of the University of Cambridge, was a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of The Basque Country
The University of the Basque Country (, ''EHU''; , ''UPV''; officially EHU) is a Spanish public university of the Basque Country (autonomous community), Basque Autonomous Community. Heir of the University of Deusto, University of Bilbao, initially it was made up of the Faculty of Economic and Business Sciences of Sarriko (1955), Medicine (1968) and Sciences (1968). Following the General Law of Education (1970), the Nautical School (1784), the School of Business Studies of Bilbao (1818) and the Technical Schools of Engineers (1897) joined in, until it grew into the complex of thirty centers that compose it presently. It has campuses over the three provinces of the autonomous community: Bizkaia Campus (in Leioa, Bilbao, Portugalete and Barakaldo), Gipuzkoa Campus (in San Sebastián and Eibar), and Alava Campus in Vitoria, Spain, Vitoria-Gasteiz. It stands out as the main research institution in the Basque Country, carrying out 90% of the basic research carried out in that territory ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tautology (rhetoric)
In literary criticism and rhetoric, a tautology is a statement that repeats an idea using near-synonymous morphemes, words or phrases, effectively "saying the same thing twice". Tautology and pleonasm are not consistently differentiated in literature. Like pleonasm, tautology is often considered a fault of style when unintentional. Intentional repetition may emphasize a thought or help the listener or reader understand a point. Sometimes logical tautologies like "Boys will be boys" are conflated with language tautologies, but a language tautology is not inherently true, while a logical tautology always is. Etymology The word was coined in Koine Greek from ('the same') plus ('word' or 'idea'), and transmitted through 3rd-century Latin and French . It first appeared in English in the 16th century. The use of the term logical tautology was introduced in English by Wittgenstein Ludwig Josef Johann Wittgenstein ( ; ; 26 April 1889 – 29 April 1951) was an Austrian philos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Of Production
Manufacturing cost is the sum of costs of all resources consumed in the process of making a product. The manufacturing cost is classified into three categories: direct materials cost, direct labor cost and manufacturing overhead. It is a factor in total delivery cost. Direct materials cost Direct materials are the raw materials that become a part of the finished product. Manufacturing adds value to raw materials by applying a chain of operations to maintain a deliverable product. There are many operations that can be applied to raw materials such as welding, cutting and painting. It is important to differentiate between direct materials and indirect materials. Direct labour cost The direct labour cost is the cost of workers who can be easily identified with the unit of production. Types of labour who are considered to be part of the direct labour cost are the assembly workers on an assembly line. Manufacturing overhead Manufacturing overhead is any manufacturing cost th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Karl Marx
Karl Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, political theorist, economist, journalist, and revolutionary socialist. He is best-known for the 1848 pamphlet '' The Communist Manifesto'' (written with Friedrich Engels), and his three-volume (1867–1894), a critique of classical political economy which employs his theory of historical materialism in an analysis of capitalism, in the culmination of his life's work. Marx's ideas and their subsequent development, collectively known as Marxism, have had enormous influence. Born in Trier in the Kingdom of Prussia, Marx studied at the universities of Bonn and Berlin, and received a doctorate in philosophy from the University of Jena in 1841. A Young Hegelian, he was influenced by the philosophy of Georg Wilhelm Friedrich Hegel, and both critiqued and developed Hegel's ideas in works such as '' The German Ideology'' (written 1846) and the '' Grundrisse'' (written 1857–1858). While in Paris, Marx wrote ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transformation Problem
In 20th-century discussions of Karl Marx's economics, the transformation problem is the problem of finding a general rule by which to transform the "values" of commodities (based on their socially necessary labour content, according to his labour theory of value) into the "competitive prices" of the marketplace. This problem was first introduced by Marxist economist Conrad Schmidt and later dealt with by Marx in chapter 9 of the draft of volume 3 of ''Capital''. The essential difficulty was this: given that Marx derived profit, in the form of surplus value, from direct labour inputs, and that the ratio of direct labour input to capital input varied widely between commodities, how could he reconcile this with a tendency toward an average rate of profit on all capital invested among industries, if such a tendency (as predicted by Marx and Ricardo) exists? Marx's theory Marx defines value as the number of hours of labor socially necessary to produce a commodity. This includes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar. The money supply of a country comprises all currency in circulation (banknotes and coins currently issued) and, depending on the particular definiti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price
A price is the (usually not negative) quantity of payment or compensation expected, required, or given by one party to another in return for goods or services. In some situations, especially when the product is a service rather than a physical good, the price for the service may be called something else such as "rent" or "tuition". Prices are influenced by production costs, supply of the desired product, and demand for the product. A price may be determined by a monopolist or may be imposed on the firm by market conditions. Price can be quoted in currency, quantities of goods or vouchers. * In modern economies, prices are generally expressed in units of some form of currency. (More specifically, for raw materials they are expressed as currency per unit weight, e.g. euros per kilogram or Rands per KG.) * Although prices could be quoted as quantities of other goods or services, this sort of barter exchange is rarely seen. Prices are sometimes quoted in terms of vouc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade
Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market. Traders generally negotiate through a medium of credit or exchange, such as money. Though some economists characterize barter (i.e. trading things without the use of money) as an early form of trade, money was invented before written history began. Consequently, any story of how money first developed is mostly based on conjecture and logical inference. Letters of credit, paper money, and non-physical money have greatly simplified and promoted trade as buying can be separated from selling, or earning. Trade between two traders is called bilateral trade, while trade involving more than two traders is called multilateral trade. In one modern view, trade exists due to specialization and the division of labor, a predominant form of economic activity in which individuals and groups ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Use Value
Use value () or value in use is a concept in classical political economy and Marxist economics. It refers to the tangible features of a commodity (a tradeable object) which can satisfy some human requirement, want or need, or which serves a useful purpose. For Karl Marx's critique of political economy, any commodity has a value and a use-value — the former manifestly appearing as exchange-value in any exchange-relation in which bearers of commodities mutually alienate and appropriate each-others commodities on the market, it's foremost the proportion in which any commodity is exchangeable for any commodities, it's form as the money form within money economies. Marx acknowledges that commodities being traded also have a ''general utility'', implied by the fact that people want them, but he argues that this by itself says nothing about the specific character of the economy in which they are produced and sold. Origin of the concept The concepts of value, use value, utility, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Wealth Of Nations
''An Inquiry into the Nature and Causes of the Wealth of Nations'', usually referred to by its shortened title ''The Wealth of Nations'', is a book by the Scottish people, Scottish economist and moral philosophy, moral philosopher Adam Smith; published on 9 March 1776, it offers one of the first accounts of what builds nations' wealth. It has become a fundamental work in classical economics, and been described as "the first formulation of a comprehensive system of political economy". Reflecting upon economics at the beginning of the Industrial Revolution, Smith introduced key concepts such as the division of labour, productivity, free markets and the role prices play in resource allocation. The book fundamentally shaped the field of economics and provided a theoretical foundation for free market capitalism and economic policies that prevailed in the 19th century. A product of the Scottish Enlightenment and the dawn of the Industrial Revolution, the treatise offered a critical ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
