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Theory Of Value (economics)
A theory of value is any economic theory that attempts to explain the exchange value or price of goods and services. Key questions in economic theory include why goods and services are priced as they are, how the value of goods and services comes about, and—for normative value theories—how to calculate the ''correct'' price of goods and services (if such a value exists). History A major question that has eluded economists since the earliest of publications was one of price. As commodities began to be exchanged for currency, economic thinkers have constantly been trying to decipher how prices are determined. “Value” was the general term used to indicate the relative price of a good or service. One of the earliest predecessors of classical views on value theory comes from a pamphlet that was published in 1738. In this pamphlet, it is discussed how labor is the most important measurement tool when considering value. This idea stemmed from pre-monetary views of price, where ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Theory
Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity
In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who 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 and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price. Most commodities are raw materials, basic resources, 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 oil, Maize, corn, and gold. Other definitions of commodity include something useful or valued and an alternative ter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capitalist
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, and wage labor. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets. Economists, historians, political economists and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include ''laissez-faire'' or free-market capitalism, anarcho-capitalism, state capitalism and welfare capitalism. Different forms of capitalism feature varying deg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
M-C-M'
In classical political economy and especially Karl Marx's critique of political economy, a commodity is any good or service ("products" or "activities") produced by human labour and offered as a product for general sale on the market. Some other priced goods are also treated as commodities, e.g. human labor-power, works of art and natural resources, even though they may not be produced specifically for the market, or be non-reproducible goods. This problem was extensively debated by Adam Smith, David Ricardo, and Karl Rodbertus-Jagetzow, among others. Value and price are not equivalent terms in economics, and theorising the specific relationship of value to market price has been a challenge for both liberal and Marxist economists. Characteristics of commodity In Marx's theory, a commodity is something that is bought and sold, or exchanged in a relationship of trade. * It has value, which represents a quantity of human labor. Because it has value, implies that people try to econo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Production (economics)
Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value and contributes to the utility of individuals. The area of economics that focuses on production is called production theory, and it is closely related to the consumption (or consumer) theory of economics. The production process and output directly result from productively utilising the original inputs (or factors of production). Known as primary producer goods or services, land, labour, and capital are deemed the three fundamental production factors. These primary inputs are not significantly altered in the output process, nor do they become a whole component in the product. Under classical economics, materials and energy are categorised as secondary factors as they are byproducts of land, labour and capital. Delving further, primary factor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Middle East Technical University
Middle East Technical University (commonly referred to as METU; in Turkish language, Turkish, ''Orta Doğu Teknik Üniversitesi'', ODTÜ) is a public university, public Institute of technology, technical university located in Ankara, Turkey. The university emphasizes research and education in engineering and natural sciences, offering about 41 undergraduate programs within 5 faculties, 105 masters and 70 doctorate programs within 5 graduate schools. The main campus of METU spans an area of , comprising, in addition to academic and auxiliary facilities, a forest area of , and the natural Lake Eymir. METU has more than 120,000 alumni worldwide. The official language of instruction at METU is English language, English. Over one third of the 1,000 highest scoring students in the Education in Turkey, national university entrance examination choose to enroll in METU; and most of its departments accept the top 0.1% of the nearly 3 million applicants. METU had the greatest share in nation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Heinrich
Michael Heinrich (born 1957, Heidelberg) is a German historian of philosophy, political scientist and mathematician, specialising in the critical study of the development of Marx's thought. Heinrich's work, influenced by Elmar Altvater and the Neue Marx-Lektüre of Hans-Georg Backhaus and Helmut Reichelt. is characterised by its focus on the points of ambivalence and inconsistency in the work of Marx. Through this theme, Heinrich challenges both the closed system he identifies with "worldview Marxism", as well as teleological narratives of Marx's intellectual development throughout his life. He is best known for his 1991 study of the theoretical field of classical political economy ''The Science of Value'' (), his introductory text to the critique of political economy '' An Introduction to the Three Volumes of Karl Marx's Capital'', and his ongoing project to produce a multi-volume biography of Marx's life, of which the first volume of a projected four was published in 2020. C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neue Marx-Lektüre
(German for "New Reading of Marx") or NML is a revival and interpretation of Karl Marx's critique of political economy, which originated during the mid-1960s in both Western and Eastern Europe and opposed both Marxist–Leninist and social democratic interpretations of Marx. covers a loose group of authors mainly from the German-speaking countries who reject certain historizing and empiricist interpretations of Marx's analysis of economic forms, many of which are argued to spring from Friedrich Engels and his role in the early Marxist workers' movement. Overview The school of thought is influenced especially the work of the early Soviet thinkers Evgeny Bronislavovich Pashukanis and Isaak Illich Rubin, as well as the critical theory of Theodor Adorno. The works of Helmut Reichelt and Hans-Georg Backhaus in the seventies and eighties, and the writings of Michael Heinrich in the nineties, produced at the turn of the millennium a partly academic, partly off-academic debate co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Physical Property
A physical property is any property that is measurable, whose value describes a state of a physical system. The changes in the physical properties of a system can be used to describe its changes between momentary states. Physical properties are often referred to as observables. They are not modal properties. A quantifiable physical property is called physical quantity. Physical properties are often characterized as intensive and extensive properties. An intensive property does not depend on the size or extent of the system, nor on the amount of matter in the object, while an extensive property shows an additive relationship. These classifications are in general only valid in cases when smaller subdivisions of the sample do not interact in some physical or chemical process when combined. Properties may also be classified with respect to the directionality of their nature. For example, isotropic properties do not change with the direction of observation, and anisotropic proper ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Use Value
Use value (german: Gebrauchswert) 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. In Karl Marx's critique of political economy, any product has a labor-value and a use-value, and if it is traded as a commodity in markets, it additionally has an exchange value, most often expressed as a money-price. 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, exchange value and price have a very long history in economic and philosophical thought. From Aristotle to Adam Smith and David Ricardo, their meanings have evolved. Smith recogn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marxian Economics
Marxian economics, or the Marxian school of economics, is a Heterodox economics, heterodox school of political economic thought. Its foundations can be traced back to Karl Marx, Karl Marx's Critique of political economy#Marx's critique of political economy, critique of political economy. However, unlike Critique of political economy, critics of political economy, Marxian economists tend to accept the concept of economy, 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. Because one does not necessarily have to be politically Marxism, Marxist to be economically Marxian, the two adjectives coexist in usage, rather than being synonymous: They share a semantic field, while also allowing both connotation, connotative and denotation, denotative differences. Marxian economics ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cambridge University Press
Cambridge University Press is the university press of the University of Cambridge. Granted letters patent by Henry VIII of England, King Henry VIII in 1534, it is the oldest university press A university press is an academic publishing house specializing in monographs and scholarly journals. Most are nonprofit organizations and an integral component of a large research university. They publish work that has been reviewed by schola ... in the world. It is also the King's Printer. Cambridge University Press is a department of the University of Cambridge and is both an academic and educational publisher. It became part of Cambridge University Press & Assessment, following a merger with Cambridge Assessment in 2021. With a global sales presence, publishing hubs, and offices in more than 40 Country, countries, it publishes over 50,000 titles by authors from over 100 countries. Its publishing includes more than 380 academic journals, monographs, reference works, school and uni ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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