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Labour Power
Labour power (; ) is the capacity to work, a key concept used by Karl Marx in his critique of capitalist political economy. Marx distinguished between the capacity to do the work, i.e. labour power, and the physical act of working, i.e. labour. Human labour power exists in any kind of society, but on what terms it is traded or combined with means of production to produce goods and services has historically varied greatly. The general idea of labour-power had existed previously in classical political economy. Adam Smith's ''The Wealth of Nations'' and David Ricardo's '' On the Principles of Political Economy and Taxation'' already referred to the "productive powers of labour". However, Marx made the concept much more precise, critically examining the functions of labour-power in production, how labour-power is used, organized and exploited, and how it is typically valued and priced in bourgeois society. Under capitalism, according to Marx, the ''productive powers of labour'' a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Work (human Activity)
Work, labor (labour in Commonwealth English), occupation or job is the intentional activity people perform to support the needs and desires of themselves, other people, or organizations. In the context of economics, work can be seen as the human activity that contributes (along with other factors of production) towards the goods and service (economics), services within an economy. Work has existed in all human societies, either as Payment, paid or unpaid work, from hunting and gathering, gathering natural resources by hand in hunter-gatherer groups to operating complex technology, technologies that mechanization, substitute for physical or automation, even mental effort within an Agriculture, agricultural, Industry (economics), industrial, or post-industrial society. All but the simplest tasks in any work require specific skills, tools, and other resources, such as material for manufacturing goods. Humanity has developed a variety of institutions for group coordination of work, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marxian Economics
Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian economists tend to accept the concept of the economy prima facie. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other; in many cases Marxian analysis is used to complement, or to supplement, other economic approaches. An example can be found in the works of Soviet economists like Lev Gatovsky, who sought to apply Marxist economic theory to the objectives, needs, and political conditions of the socialist construction in the Soviet Union, contributing to the development of Soviet political economy. Marxian economics concerns itself variously with the analysis of crisis in capitalism, the role and distribution of the surplus product and surplus value in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Authority
Authority is commonly understood as the legitimate power of a person or group of other people. In a civil state, ''authority'' may be practiced by legislative, executive, and judicial branches of government,''The New Fontana Dictionary of Modern Thought'' Third Edition, Allan Bullock and Stephen Trombley, Eds. p. 115. each of which has authority and is an authority. The term "authority" has multiple nuances and distinctions within various academic fields ranging from sociology to political science. In the exercise of governance, the terms ''authority'' and ''power'' are inaccurate synonyms. The term ''authority'' identifies the political legitimacy, which grants and justifies rulers' right to exercise the power of government; and the term ''power'' identifies the ability to accomplish an authorized goal, either by compliance or by obedience; hence, ''authority'' is the ''power'' to make decisions and the legitimacy to make such legal decisions and order their execution. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unemployment
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is the proportion of people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the reference period. Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed). Unemployment can have many sources, such as the following: * the status of the economy, which can be influenced by a recession * competition caused by globalization and international trade * new technologies and inventions * policies of the government * regulation and market * war, civil disorder, and natural disasters Unemployment and the status of the economy can be influenced by a country through, for example, fiscal policy. Furthermore, the monetary authority of a country, such as the central bank, can in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity
In economics, a commodity is an economic goods, good, usually a resource, that specifically has full or substantial fungibility: that is, the Market (economics), market treats instances of the good as equivalent or nearly so with no regard to who Production (economics), produced them. The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot market, spot and derivative (finance), derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand, brand name) other than price. Most commodities are raw materials, basic resources, agriculture, agricultural, or mining products, such as iron ore, sugar, or grains like rice and wheat. Commodities can also be mass-produced unspecialized products such as chemical substance, chemicals and computer memory. Popular commodities include Petroleum, crude ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sabah Sarawak Labour Advert Kuala Lumpur
Sabah () is a States and federal territories of Malaysia, state of Malaysia located in northern Borneo, in the region of East Malaysia. Sabah has land borders with the Malaysian state of Sarawak to the southwest and Indonesia's North Kalimantan province to the south. The Federal Territory (Malaysia), Federal Territory of Labuan is an island just off Sabah's west coast. Sabah shares maritime borders with Vietnam to the west and the Philippines to the north and east. Kota Kinabalu is the state capital and the economic centre of the state, and the seat of the Government of Sabah, Sabah State government. Other major towns in Sabah include Sandakan and Tawau. The 2020 census recorded a population of 3,418,785 in the state. It has an equatorial climate with tropical rainforests, abundant with animal and plant species. The state has long mountain ranges on the west side which forms part of the Crocker Range National Park. Kinabatangan River, the second longest river in Malaysia runs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reification (Marxism)
In Marxist philosophy, reification (''Verdinglichung'', "making into a thing") is the process by which human social relations are perceived as inherent attributes of the people involved in them, or attributes of some product of the relation, such as a traded commodity. As a practice of economics, reification transforms objects into subjects and subjects into objects, with the result that subjects (people) are rendered passive (of determined identity), whilst objects (commodities) are rendered as the active factor that determines the nature of a social relation. Analogously, the term Hypostasis (philosophy and religion), hypostatization describes an effect of reification that results from presuming the existence of any object that can be named and presuming the existence of an abstractly conceived object, which is a Reification (fallacy), fallacy of reification of Ontology, ontological and epistemology, epistemological interpretation. Reification is conceptually related to, but ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal first published by the American Economic Association in 1911. The current editor-in-chief is Erzo FP Luttmer, a professor of economics at Dartmouth College. The journal is based in Pittsburgh. It is one of the " top five" journals in economics. In 2004, the ''American Economic Review'' began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary data. Until 2017, the May issue of the ''American Economic Review'', titled the ''Papers and Proceedings'' issue, featured the papers presented at the American Economic Association's annual meeting that January. After being selected for presentation, the papers in the ''Papers and Proceedings'' issue did not undergo a formal process of peer review. Starting in 2018, papers presented at the annual meetings have been published in a separate journal, '' AEA Pap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Herbert Gintis
Herbert Gintis (February 11, 1940 – January 5, 2023) was an American economist, behavioral scientist, and educator known for his theoretical contributions to sociobiology, especially altruism, cooperation, epistemic game theory, gene-culture coevolution, efficiency wages, strong reciprocity, and human capital theory. Throughout his career, he worked extensively with economist Samuel Bowles (economist), Samuel Bowles. Their landmark book, ''Schooling in Capitalist America: Educational Reform and the Contradictions of Economic Life, Schooling in Capitalist America'', had multiple editions in five languages since it was first published in 1976. Their book, ''A Cooperative Species: Human Reciprocity and its Evolution'' was published by Princeton University Press in 2011. Early life and education Gintis was born in Philadelphia, Pennsylvania, where his father had a retail furniture business. He grew up there and later in Bala Cynwyd (just outside Philadelphia). Gintis completed his ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Samuel Bowles (economist)
Samuel Stebbins Bowles (; born June 1, 1939), is an American economist and professor emeritus at the University of Massachusetts Amherst, where he continues to teach courses on microeconomics and the theory of institutions. His work belongs to the neo-Marxian (variably called post-Marxian) tradition of economic thought. However, his perspective on economics is eclectic and draws on various schools of thought, including what he and others refer to as post- Walrasian economics. Biography Bowles, the son of U.S. Ambassador and Connecticut Governor Chester Bowles, graduated with a B.A. from Yale University in 1960, where he was a founding member of the Yale Russian Chorus, participating in their early tours of the Soviet Union. Subsequently, he received his Ph.D. in economics from Harvard University in 1965 with the thesis titled ''The Efficient Allocation of Resources in Education: A Planning Model with Applications to Northern Nigeria''. In 1973, the Economics Department of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Human Capital
Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a substantial impact on individual earnings. Research indicates that human capital investments have high economic returns throughout childhood and young adulthood. Companies can invest in human capital; for example, through education and training, improving levels of quality and production. History Adam Smith included in his definition of Capital (economics), capital "the acquired and useful abilities of all the inhabitants or members of the society". The first use of the term "human capital" may be by Irving Fisher. An early discussion with the phrase "human capital" was from Arthur Cecil Pigou: But the term only found widespread use in economics after its popularization by economists of the Chicago School of economics, Chicago School, in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Value
The law of the value of commodities (German: ''Wertgesetz der Waren''), known simply as the law of value, is a central concept in Karl Marx's critique of political economy first expounded in his polemic ''The Poverty of Philosophy'' (1847) against Pierre-Joseph Proudhon with reference to David Ricardo's economics.See Marx, ''The Poverty of Philosophy'', chapter 1 part where Marx refers to Proudhon's own "law of value" and chapter 3, titled "Application of the Law of the Proportionality of Value/ref> Most generally, it refers to a regulative principle of the economic exchange of the products of human work, namely that the relative exchange-values of those products in trade, usually expressed by money-prices, are proportional to the average amounts of human labor-time which are currently socially necessary to produce them within the capitalist mode of production.Karl Marx, ''Capital, Volume I'', Penguin, pp. 676–77; Marx, '' Capital, Volume III'', Penguin ed., p. 522. Thus, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
