|
Faux Frais Of Production
Faux frais of production is a concept used by classical political economists and by Karl Marx in his critique of political economy. It refers to "incidental operating expenses" incurred in the productive investment of capital, which do not themselves add new value to output. In Marx's social accounting, the faux frais are a component of constant capital, or alternately are funded by a fraction of the new surplus value. {{Marxism When owners of capital invest in production, they do not just invest in labor power, materials, buildings and equipment (or means of production). They must also meet a range of other operating expenses. These can include all kinds of things like bookkeeping, training, catering, cleaning & repairs, advertising, insurance, security services, bribes, taxes & levies etc. Marx has in mind mainly those circulation costs directly necessary and indispensable to keep production going, not "fringe benefits". In modern medium-sized to large-sized business, fixed capi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Karl Marx
Karl Heinrich Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist, critic of political economy, and socialist revolutionary. His best-known titles are the 1848 pamphlet ''The Communist Manifesto'' and the four-volume (1867–1883). Marx's political and philosophical thought had enormous influence on subsequent intellectual, economic, and political history. His name has been used as an adjective, a noun, and a school of social theory. Born in Trier, Germany, Marx studied law and philosophy at the universities of Bonn and Berlin. He married German theatre critic and political activist Jenny von Westphalen in 1843. Due to his political publications, Marx became stateless and lived in exile with his wife and children in London for decades, where he continued to develop his thought in collaboration with German philosopher Friedrich Engels and publish his writings, researching in the British Mus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Economy
Political economy is the study of how Macroeconomics, economic systems (e.g. Marketplace, markets and Economy, national economies) and Politics, political systems (e.g. law, Institution, institutions, government) are linked. Widely studied phenomena within the discipline are systems such as Market economy, labour markets and Financial market, financial markets, as well as phenomena such as Economic growth, growth, Distribution of wealth, distribution, Economic inequality, inequality, and International trade, trade, and how these are shaped by institutions, laws, and government policy. Originating in the 16th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and Neoclassical economics, modern economics. Political economy originated within 16th century western Ethics, moral philosophy, with theoretical works exploring the administration ... [...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] |
Financial Capital
Financial capital (also simply known as capital or equity in finance, accounting and economics) is any economic resource measured in terms of money used by entrepreneurs and businesses to buy what they need to make their products or to provide their services to the sector of the economy upon which their operation is based, ''e.g.'', retail, corporate, investment banking, etc. In other words, financial capital is internal retained earnings generated by the entity or funds provided by lenders (and investors) to businesses in order to purchase real capital equipment or services for producing new goods and/or services. In contrast, real capital (or economic capital) comprises physical goods that assist in the production of other goods and services, e.g. shovels for gravediggers, sewing machines for tailors, or machinery and tooling for factories. IFRS concepts of capital maintenance ''Financial capital'' generally refers to saved-up financial wealth, especially that used in or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labor Power
Labour power (in german: Arbeitskraft; in french: force de travail) is a key concept used by Karl Marx in his critique of capitalism, 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 ''Das Kapital, Capital'', as follows: :"By labour-power or capacity for labour is to be understood the aggregate of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Means Of Production
The means of production is a term which describes land, labor and capital that can be used to produce products (such as goods or services); however, the term can also refer to anything that is used to produce products. It can also be used as an abbreviation of the "means of production and distribution" which additionally includes the logistical distribution and delivery of products, generally through distributors, or as an abbreviation of the "means of production, distribution, and exchange" which further includes the exchange of distributed products, generally to consumers. This concept is used throughout fields of study including politics, economics, and sociology to discuss, broadly, the relationship between anything that can have productive use, its ownership, and the constituent social parts needed to produce it. Industrial production From the perspective of a firm, a firm uses its capital goods, which are also known as tangible assets as they are physical in nature. Unf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fixed Capital
In accounting, fixed capital is any kind of real, physical asset that is used repeatedly in the production of a product. In economics, fixed capital is a type of capital good that as a real, physical asset is used as a means of production which is durable or isn't fully consumed in a single time period.Varri P. (1987) Fixed Capital. In: Durlauf S., Blume L. (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. "fixed capital", '' The New Palgrave: A Dictionary of Economics'', 1st Editio/ref> It contrasts with circulating capital such as raw materials, operating expenses etc. The concept was first theoretically analyzed in some depth by the economist Adam Smith in The Wealth of Nations (1776) and by David Ricardo in On the Principles of Political Economy and Taxation (1821). Ricardo studied the use of machines in place of labor and concluded that workers' fear of technology replacing them might be justified. Thus fixed capital is that portion of the total ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Makoto Itoh
is a Japanese economist and is considered internationally to be one of the most important scholars of Karl Marx Karl Heinrich Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist, critic of political economy, and socialist revolutionary. His best-known titles are the 1848 ...'s Theory of value (economics), theory of value. He teaches at Kokugakuin University, Tokyo, and is professor emeritus of the University of Tokyo. He belongs to the school of economic thought founded by Kozo Uno and is one of the few Japanese Marxian economics, Marxian economists who has published widely in English-language journals such as Science & Society, Monthly Review, Capital & Class, New Left Review and Ampo. He has published 24 books, of which 6 are in English, and 5 are translated and published in Chinese. Books in English * ''Value and Crisis'' (1980). * ''The Basic Theory of Capitalism'' (1987) * ''The world e ... [...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] |
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 (philosopher), 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Income And Product Accounts
The national income and product accounts (NIPA) are part of the national accounts of the United States. They are produced by the Bureau of Economic Analysis of the Department of Commerce. They are one of the main sources of data on general economic activity in the United States. They use double-entry accounting to report the monetary value and sources of output produced in the country and the distribution of incomes that production generates. Data are available at the national and industry levels. Seven summary accounts are published, as well as a much larger number of more specific accounts. The first summary account shows gross domestic product (GDP) and its major components. The table summarizes national income on the left (debit, revenue) side and national product on the right (credit, expense) side of a two-column accounting report. Thus the left side gives GDP by the income method, and the right side gives GDP by the expenditure method. The GDP is given on the bottom line ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bureau Of Economic Analysis
The Bureau of Economic Analysis (BEA) of the United States Department of Commerce is a U.S. government agency that provides official economy of the United States, macroeconomic and industry statistics, most notably reports about the gross domestic product (GDP) of the United States and its various units—states, cities/towns/townships/villages/counties, and metropolitan areas. They also provide information about personal income, corporate profits, and government spending in their National Income and Product Accounts (NIPAs). The BEA is one of the principal agencies of the Federal Statistical System of the United States, U.S. Federal Statistical System. Its stated mission is to "promote a better understanding of the U.S. economy by providing the most timely, relevant, and accurate economic data in an objective and cost-effective manner". BEA has about 500 employees and an annual budget of approximately $101 million. National accounts BEA's national economic statistics (Nation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
