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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] |
Marxist 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. Because one does not necessarily have to be politically Marxist to be economically Marxian, the two adjectives coexist in usage, rather than being synonymous: They share a semantic field, while also allowing both connotative and denotative differences. Marxian economics concerns itself variously with the analysis of crisis in capitalism, the role and distribution of the surplus product and surplus value in various types of economic syste ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exchange Value
In political economy and especially Marxian economics, exchange value (German: ''Tauschwert'') refers to one of the four major attributes of a commodity, i.e., an item or service produced for, and sold on the market, the other three attributes being use value, economic value, and price. Thus, a commodity has: * a value, represented by the socially necessary labour time to produce it (Note: the first link is to a non-Marxian definition of value); * a use value (or utility); * an exchange value, which is the proportion at which a commodity can be exchanged for other commodities; * a price (an actual selling price or an imputed ideal price). These four concepts have a very long history in human thought, from Aristotle to David Ricardo, and became ever more clearly distinguished as the development of commercial trade progressed, but have largely disappeared as four distinct concepts in modern economics. This entry focuses on Marx's summation of the results of economic thought about ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Accumulation
Capital accumulation is the dynamic that motivates the pursuit of profit, involving the investment of money or any financial asset with the goal of increasing the initial monetary value of said asset as a financial return whether in the form of profit, rent, interest, royalties or capital gains. The aim of capital accumulation is to create new fixed and working capitals, broaden and modernize the existing ones, grow the material basis of social-cultural activities, as well as constituting the necessary resource for reserve and insurance. The process of capital accumulation forms the basis of capitalism, and is one of the defining characteristics of a capitalist economic system.''Capital'', Encyclopedia on Marxists.org: http://marxists.org/glossary/terms/c/a.htm#capital Definition The definition of capital accumulation is subject to controversy and ambiguities, because it could refer to: *a ''net addition'' to existing wealth *a ''redistribution'' of wealth. Most often, capi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity (Marxism)
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 labor theory of value, value, which represents a quantity of human labor. Because it has value, implies th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Communication
Communication (from la, communicare, meaning "to share" or "to be in relation with") is usually defined as the transmission of information. The term may also refer to the message communicated through such transmissions or the field of inquiry studying them. There are many disagreements about its precise definition. John Peters argues that the difficulty of defining communication emerges from the fact that communication is both a Universality (philosophy), universal phenomenon and a Communication studies, specific discipline of institutional academic study. One definitional strategy involves limiting what can be included in the category of communication (for example, requiring a "conscious intent" to persuade). By this logic, one possible definition of communication is the act of developing Semantics, meaning among Subject (philosophy), entities or Organization, groups through the use of sufficiently mutually understood signs, symbols, and Semiosis, semiotic conventions. An im ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Solow Residual
The Solow residual is a number describing empirical productivity growth in an economy from year to year and decade to decade. Robert Solow, the Nobel Memorial Prize in Economic Sciences-winning economist, defined rising productivity as rising output with constant capital and labor input. It is a " residual" because it is the part of growth that is not accounted for by measures of capital accumulation or increased labor input. Increased physical throughput – i.e. environmental resources – is specifically excluded from the calculation; thus some portion of the residual can be ascribed to increased physical throughput. The example used is for the intracapital substitution of aluminium fixtures for steel during which the inputs do not alter. This differs in almost every other economic circumstance in which there are many other variables. The Solow residual is procyclical and measures of it are now called the rate of growth of multifactor productivity or total factor productivity, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Factor Substitution
Factor, a Latin word meaning "who/which acts", may refer to: Commerce * Factor (agent), a person who acts for, notably a mercantile and colonial agent * Factor (Scotland), a person or firm managing a Scottish estate * Factors of production, such a factor is a resource used in the production of goods and services Science and technology Biology * Coagulation factors, substances essential for blood coagulation * Environmental factor, any abiotic or biotic factor that affects life * Enzyme, proteins that catalyze chemical reactions * Factor B, and factor D, peptides involved in the alternate pathway of immune system complement activation * Transcription factor, a protein that binds to specific DNA sequences Computer science and information technology * Factor (programming language), a concatenative stack-oriented programming language * Factor (Unix), a utility for factoring an integer into its prime factors * Factor, a substring, a subsequence of consecutive symbols in a st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roman Rosdolsky
Roman Osipovich Rosdolsky ( uk, Рома́н О́сипович Роздо́льський ''Roman Osipovič Rozdol's'kyj'') (Lemberg, July 19, 1898 – Detroit, October 20, 1967) was a prominent Ukrainian Marxian scholar, historian and political theorist. Rodolskys book '' The Making of Marx's Capital,'' became a foundational text in the rediscovery of Marx critique of political economy. As well as influenced later scholars such as Moishe Postone.Postone(1993) p.21 Biography Roman Rosdolsky was born in Lemberg (Lviv) in Galicia, at that time in the Austro-Hungarian empire, now in Ukraine, and died in Detroit, MI (USA). Rosdolsky's father Osyp Rosdolsky was a Ukrainian theologian, philologist, ethnographer and translator of some repute. Roman's uncle was Ukrainian composer Danylo Rosdolsky. Both Roman's grandparents were priests of the Greek Catholic Church and well-known supporters of the independence of the Ukrainian nation. Ivan Franko was a family friend. As a youth, Ro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
A Contribution To The Critique Of Political Economy
''A Contribution to the Critique of Political Economy'' (german: Zur Kritik der Politischen Ökonomie) is a book by Karl Marx, first published in 1859. The book is mainly a critique of political economy achieved by critiquing the writings of the leading theoretical exponents of capitalism at that time: these were the political economists, nowadays often referred to as the classical economists; Adam Smith (1723–90) and David Ricardo (1772–1823) are the foremost representatives of the genre. Significance Much of the ''Critique'' was later incorporated by Marx into his magnum opus, ''Capital'' (Volume I), published in 1867, and the ''Critique'' is generally considered to be of secondary importance among Marx's writings. This does not apply, however, to the Preface of the ''Critique''. It contains the first connected account of one of Marx's main theories: the materialist conception of history, and its associated "base and superstructure" model of society, which divides human so ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grundrisse
The ''Grundrisse der Kritik der Politischen Ökonomie'' (''Foundations of a Critique of Political Economy'') is an unfinished manuscript by the German philosopher Karl Marx. The series of seven notebooks was rough-drafted by Marx, chiefly for purposes of self-clarification, during the winter of 1857–8. Left aside by Marx in 1858, it remained unpublished until 1939. Contents The ''Grundrisse'' is very wide-ranging in subject matter and covers all six sections of Marx's critique of political economy (of which only one, the first volume of ''Das Kapital'', ever reached a final form). It is often described as the rough draft of ''Das Kapital'', although there is considerable disagreement about the exact relationship between the two texts, particularly around the issue of methodology. Due to its breadth and its incorporation of themes from Marx's earlier writings, the ''Grundrisse'' is central to Marx's body of work. Its subject matter includes the prices of production, relations ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Sweezy
Paul Marlor Sweezy (April 10, 1910 – February 27, 2004) was a Marxist economist, political activist, publisher, and founding editor of the long-running magazine ''Monthly Review''. He is best remembered for his contributions to economic theory as one of the leading Marxian economists of the second half of the 20th century. Biography Early years and education Paul Sweezy was born on April 10, 1910 in New York City, the youngest of three sons of Everett B. Sweezy, a vice-president of First National Bank of New York.John Bellamy Foster"Memorial Service for Paul Marlor Sweezy (1910–2004),"''Monthly Review.'' His mother, Caroline Wilson Sweezy, was a graduate of Goucher College in Baltimore. Sweezy attended Phillips Exeter Academy and went on to Harvard and was editor of ''The Harvard Crimson'', graduating ''magna cum laude'' in 1932. Having completed his undergraduate coursework, his interests shifted from journalism to economics. Sweezy spent the 1931–32 academic year ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Accounts
National accounts or national account systems (NAS) are the implementation of complete and consistent accounting techniques for measuring the economic activity of a nation. These include detailed underlying measures that rely on double-entry accounting. By design, such accounting makes the totals on both sides of an account equal even though they each measure different characteristics, for example production and the income from it. As a method, the subject is termed national accounting or, more generally, social accounting.Nancy D. Ruggles, 1987. "social accounting," '' The New Palgrave: A Dictionary of Economics'', v. 4, pp. 377–82. Stated otherwise, national accounts as ''systems'' may be distinguished from the economic data associated with those systems. While sharing many common principles with business accounting, national accounts are based on economic concepts. One conceptual construct for representing flows of all economic transactions that take place in an economy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
