Surplus Economics
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{{ref improve, date=July 2015 Surplus economics is the study of
economics Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and intera ...
based upon the concept that economies operate on the basis of the production of a surplus over basic needs.


Economic Surplus

By economic surplus is meant all production which is not essential for the continuance of existence. That is to say, all production about which there is a choice as to whether or not it is produced. The economic surplus begins when an economy is first able to produce more than it needs to survive, a surplus to its essentials. Alternative definitions are: # The difference between the value of a society's annual product and its socially necessary cost of production. (Davis, p.1) # The range of
economic freedom Economic freedom, or economic liberty, is the ability of people of a society to take economic actions. This is a term used in economic and policy debates as well as in the philosophy of economics. One approach to economic freedom comes from the l ...
at its ociety'sdisposal, extent able to engage in socially discretionary spending that satisfies more than the basic needs of its producers. (Dawson & Foster in Davis, p.45) # Income minus essential consumption requirements. (Lippit in Davis p.81) # The difference between what a society can produce and what a society must produce to reproduce itself. (Standfield in Davis, p.131)


See also

*
Economic surplus In mainstream economics, economic surplus, also known as total welfare or total social welfare or Marshallian surplus (after Alfred Marshall), is either of two related quantities: * Consumer surplus, or consumers' surplus, is the monetary gain ...
* Scarcity rent *
Georgism Georgism, also called in modern times Geoism, and known historically as the single tax movement, is an economic ideology holding that, although people should own the value they produce themselves, the economic rent derived from land—including ...


References

* ''Monopoly capital: an essay on the American economic and social order'', Paul A. Baran and Paul M. Sweezy * ''The Economic surplus in advanced economies'', John B. Davis (Ed) * ''The economic surplus and neo-Marxism'', Ron J. Stanfield


Further reading

* What is Surplus Economics

Schools of economic thought