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Exploitation Of Labour
Exploitation of labour (also known as labor) is a concept defined as, in its broadest sense, one agent taking unfair advantage of another agent. It denotes an unjust social relationship based on an asymmetry of power or unequal exchange of value between workers and their employers. When speaking about exploitation, there is a direct affiliation with consumption in social theory and traditionally this would label exploitation as unfairly taking advantage of another person because of their inferior position, giving the exploiter the power.Dowding, Keith (2011). "Exploitation". ''Encyclopedia of Power''. SAGE Publications. pp. 232–235. . Karl Marx's theory of exploitation has been described in the '' Stanford Encyclopedia of Philosophy'' as the most influential theory of exploitation. In analyzing exploitation, economists are split on the explanation of the exploitation of labour given by Marx and Adam Smith. Smith did not see exploitation as an inherent systematic phenomenon in spec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Relationship
A social relation or also described as a social interaction or social experience is the fundamental unit of analysis within the social sciences, and describes any voluntary or involuntary interpersonal relationship between two or more individuals within and/or between groups. The group can be a language or kinship group, a social institution or organization, an economic class, a nation, or gender. Social relations are derived from human behavioral ecology, and, as an aggregate, form a coherent social structure whose constituent parts are best understood relative to each other and to the ecosystem as a whole. Fundamental inquiries into the nature of social relations feature in the work of sociologists such as Max Weber in his theory of social action. Social relationships are composed of both positive (affiliative) and negative (agonistic) interactions, representing opposing effects. Categorizing social interactions enables observational and other social research, such as Gemeinsch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Surplus Labour
Surplus labour (German: ''Mehrarbeit'') is a concept used by Karl Marx in his critique of political economy. It means labour performed in excess of the labour necessary to produce the means of livelihood of the worker ("necessary labour"). The "surplus" in this context means the ''additional'' labour a worker has to do in their job, beyond earning their keep. According to Marxian economics, surplus labour is usually uncompensated (unpaid) labour. Origin Marx explains the origin of surplus labour in the following terms: The historical emergence of surplus labour is, according to Marx, also closely associated with the growth of trade (the economic exchange of goods and services) and with the emergence of a society divided into social classes. As soon as a permanent surplus product can be produced, the moral-political question arises as to how it should be distributed, and for whose benefit surplus-labour should be performed. The strong defeat the weak, and it becomes possible for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Productivity
In economics and in particular neoclassical economics, the marginal product or marginal physical productivity of an input (factor of production) is the change in output resulting from employing one more unit of a particular input (for instance, the change in output when a firm's labor is increased from five to six units), assuming that the quantities of other inputs are kept constant. The marginal product of a given input can be expressed as: :MP = \frac where \Delta X is the change in the firm's use of the input (conventionally a one-unit change) and \Delta Y is the change in quantity of output produced (resulting from the change in the input). Note that the quantity Y of the "product" is typically defined ignoring external costs and benefits. If the output and the input are infinitely divisible, so the marginal "units" are infinitesimal, the marginal product is the mathematical derivative of the production function with respect to that input. Suppose a firm's output ''Y'' is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Ramsay Steele
David Ramsay Steele (born 23 June 1944) is the author of ''The Mystery of Fascism: David Ramsay Steele's Greatest Hits'' (2019, a collection of 23 previously published articles), ''Orwell Your Orwell: A Worldview on the Slab'' (2017, a study of George Orwell's beliefs), ''Atheism Explained: From Folly to Philosophy'' (2008, a popular exposition of atheism) and ''From Marx to Mises: Post-Capitalist Society and the Challenge of Economic Calculation'' (1992, an exposition of the economic calculation problem). Since 1985, he has been Editorial Director of Open Court Publishing Company. In 1997, he co-wrote with Michael R. Edelstein ''Three Minute Therapy: Change Your Thinking, Change Your Life,'' a psychological self-help book based on Albert Ellis's rational emotive behavior therapy, re-released in paperback, 2019. In 2013, he co-wrote with Michael R. Edelstein and Richard K. Kujoth ''Therapy Breakthrough: Why Some Psychotherapies Work Better than Others,'' a study of cognitive-behavio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Surplus Product
Surplus product (german: Mehrprodukt, links=no) is an economic concept explicitly theorised by Karl Marx in his critique of political economy. Roughly speaking, it is the extra goods produced above the amount needed for a community of workers to survive at its current standard of living. Marx first began to work out his idea of surplus product in his 1844 notes on James Mill's ''Elements of political economy''. Notions of "surplus produce" have been used in economic thought and commerce for a long time (notably by the Physiocrats), but in ''Das Kapital'', ''Theories of Surplus Value'' and the ''Grundrisse'' Marx gave the concept a central place in his interpretation of economic history. Nowadays the concept is mainly used in Marxian economics, political anthropology, cultural anthropology, and economic anthropology. The frequent translation of the German "" as "surplus" makes the term "surplus product" somewhat inaccurate, because it suggests to English speakers that the product ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overhead (business)
In business, overhead or overhead expense refers to an ongoing expense of operating a business. Overheads are the expenditure which cannot be conveniently traced to or identified with any particular revenue unit, unlike operating expenses such as raw material and labor. Therefore, overheads cannot be immediately associated with the products or services being offered, thus do not directly generate profits. However, overheads are still vital to business operations as they provide critical support for the business to carry out profit making activities. For example, overhead costs such as the rent for a factory allows workers to manufacture products which can then be sold for a profit. Such expenses are incurred for output generally and not for particular work order; e.g., wages paid to watch and ward staff, heating and lighting expenses of factory, etc. Overheads are also a very important cost element along with direct materials and direct labor. Overheads are often related to accounti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Surplus Value
In Marxian economics, surplus value is the difference between the amount raised through a sale of a product and the amount it cost to the owner of that product to manufacture it: i.e. the amount raised through sale of the product minus the cost of the materials, plant and labour power. The concept originated in Ricardian socialism, with the term "surplus value" itself being coined by William Thompson in 1824; however, it was not consistently distinguished from the related concepts of surplus labor and surplus product. The concept was subsequently developed and popularized by Karl Marx. Marx's formulation is the standard sense and the primary basis for further developments, though how much of Marx's concept is original and distinct from the Ricardian concept is disputed (see ). Marx's term is the German word "''Mehrwert''", which simply means value added (sales revenue minus the cost of materials used up), and is cognate to English "more worth". It is a major concept in Karl M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Socially Necessary Labour Time
Socially necessary labour time in Marx's critique of political economy is what regulates the exchange value of commodities in trade and consequently constrains producers in their attempt to economise on labour. It does not 'guide' them, as it can only be determined after the event and is thus inaccessible to forward planning. Unlike individual labour hours in the classical labour theory of value formulated by Adam Smith and David Ricardo, Marx's exchange value is conceived as a proportion (or 'aliquot part') of society's labour-time. Marx did not define this concept in computationally rigorous terms, allowing for flexibility in using it in specific instances to relate average levels of labour productivity to social needs manifesting themselves as monetarily effective market demand for commodities. In addition, although it is axiomatic that socially necessary labour input determines commodity values, precise numerical calculation of such an input in relation to the value of a gi ... [...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 that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Power
Labour power (in german: Arbeitskraft; in french: force de travail) is a key concept used by Karl Marx in his critique of capitalist political economy. Marx distinguished between the capacity to do work, labour power, from the physical act of working, labour. 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. Under capitalism, according to Marx, the ''productive powers of labour'' appear as the ''creative power of capital''. Indeed, "labour power at work" becomes a component of capital, it functions as working capital. Work becomes just work, workers become an abstract labour force, and the control over work becomes mainly a management prerogative. Definition Karl Marx introduces the concept in chapter 6 of the first volume of ''Capital'', as follows: :"By labour-power or capacity for labour is to be understood the aggregate of those mental and physical c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Theory Of Value
The labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by the total amount of " socially necessary labor" required to produce it. 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 in terms of the labor that the purchaser must expend to buy it, which embodies the concept of how much labor a commodity, a tool for example, can save the purchaser. The LTV is central to Marxist theory, which holds that the working class is exploited under capitalism, and dissociates price and value. However, Marx did not refer to his own theory of value as a "labour theory of value". Orthodox neoclassical economics rejects the LTV, using a theory of value based on subjective preferences. The revival in interpretation of Marx known as the also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Feudalism
Feudalism, also known as the feudal system, was the combination of the legal, economic, military, cultural and political customs that flourished in medieval Europe between the 9th and 15th centuries. Broadly defined, it was a way of structuring society around relationships that were derived from the holding of land in exchange for service or labour. Although it is derived from the Latin word ''feodum'' or ''feudum'' (fief), which was used during the Medieval period, the term ''feudalism'' and the system which it describes were not conceived of as a formal political system by the people who lived during the Middle Ages. The classic definition, by François Louis Ganshof (1944), François Louis Ganshof (1944). ''Qu'est-ce que la féodalité''. Translated into English by Philip Grierson as ''Feudalism'', with a foreword by F. M. Stenton, 1st ed.: New York and London, 1952; 2nd ed: 1961; 3rd ed.: 1976. describes a set of reciprocal legal and military obligations which existed am ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
