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Socially Necessary Labor Time
Socially necessary labour time in Marx's critique of political economy is what regulates the exchange value of commodities in trade. In short, socially necessary labour time refers to the average quantity of labour time that must be performed under currently prevailing conditions to produce a commodity. 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. Mathematically formalizing the relationship between socially necessary labour and commodity value is difficult, due to incessantly shifting social, physical or technical circumstances affecting the labour ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marx
Karl Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, political theorist, economist, journalist, and revolutionary socialist. He is best-known for the 1848 pamphlet '' The Communist Manifesto'' (written with Friedrich Engels), and his three-volume (1867–1894), a critique of classical political economy which employs his theory of historical materialism in an analysis of capitalism, in the culmination of his life's work. Marx's ideas and their subsequent development, collectively known as Marxism, have had enormous influence. Born in Trier in the Kingdom of Prussia, Marx studied at the universities of Bonn and Berlin, and received a doctorate in philosophy from the University of Jena in 1841. A Young Hegelian, he was influenced by the philosophy of Georg Wilhelm Friedrich Hegel, and both critiqued and developed Hegel's ideas in works such as '' The German Ideology'' (written 1846) and the '' Grundrisse'' (written 1857–1858). While in Paris, Marx wrote h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demand
In economics, demand is the quantity of a goods, good that consumers are willing and able to purchase at various prices during a given time. In economics "demand" for a commodity is not the same thing as "desire" for it. It refers to both the desire to purchase and the ability to pay for a commodity. Demand is always expressed in relation to a particular price and a particular time period since demand is a flow concept. Flow is any variable which is expressed per unit of time. Demand thus does not refer to a single isolated purchase, but a continuous flow of purchases. Factors influencing demand The factors that influence the decisions of household (individual consumers) to purchase a commodity are known as the determinants of demand. Some important determinants of demand are: The price of the commodity: Most important determinant of the demand for a commodity is the price of the commodity itself. Normally there is an inverse relationship between the price of the commodity and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roman Rosdolsky
Roman Osipovich Rosdolsky (, ''Roman Osypovyč Rozdol's'kyj''; July 19, 1898 – October 20, 1967) was a prominent Ukrainian Marxian scholar, historian and political theorist. Rodolsky's book of 1968 entitled ''Zur Entstehungsgeschichte des Marxschen 'Kapital' : Der Rohentwurf des Kapital 1857–1858'' (On the history of the creation of Marx's 'Kapital': The rough draft of Capital 1857–1858; English translation of 1977: ''The Making of Marx's Capital''), became a foundational text in the rediscovery of Marx critique of political economy,Broady, Donald (1978)"Återupptäckten av ekonomikritiken"/ref> as well as influenced later scholars such as Moishe Postone. Biography Roman Rosdolsky was born in Lemberg (Lviv) in Galicia, at that time in the Austro-Hungarian Empire, now in Ukraine. 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 gran ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Surplus Labour
Surplus labor () is a concept used by Karl Marx in his critique of political economy. It means labor performed in excess of the labor necessary to produce the means of livelihood of the worker ("necessary labor"). The "surplus" in this context means the ''additional'' labor a worker has to do in their job, beyond earning their own keep. According to Marxian economics, surplus labor is usually uncompensated (unpaid) labor. Marx's first analysis of what surplus labor means appeared in ''The Poverty of Philosophy'' (1847), a polemic against the philosophy of Pierre-Joseph Proudhon. A much more detailed analysis is presented in the volumes of '' Theories of Surplus Value'' and ''Das Kapital''. Origin Marx explains the origin of surplus labor in the following terms: The historical emergence of surplus labor 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 clas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Moishe Postone
Moishe Postone (17 April 1942 – 19 March 2018) was a Canadian historian, sociologist, political philosopher and social theorist. He was a professor of history at the University of Chicago, where he was part of the Committee on Jewish Studies. Life and career Postone was born on 17 April 1942, the son of a Canadian rabbi. He received his PhD from University of Frankfurt in 1983. His research interests included modern European intellectual history; social theory, especially critical theories of modernity; 20th-century Germany; antisemitism; and contemporary global transformations. He was co-editor with Craig Calhoun and Edward LiPuma of '' Bourdieu: Critical Perspectives'' and author of '' Time, Labor and Social Domination: A Reinterpretation of Marx's Critical Theory''. He was also co-editor with Eric Santner of ''Catastrophe and Meaning: The Holocaust and the Twentieth Century'', a collection of essays that consider the meaning of the Holocaust in twentieth-century hi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labor-time Calculation
Labor-time calculation is a method of economic calculation that uses labor time as the basic unit of accounting and valuation. This method of calculation was advocated by the economists Otto Bauer, Helene Bauer and as an alternative to calculation in kind for a socialist economy. Otto Leichter criticized in-kind calculation on the basis that rational accounting required a general unit for comparing costs of heterogeneous goods. The basis for labor-time calculation is found in Karl Marx's analysis of value in capitalism. However, Marx was vehemently opposed to any proposal for using labor-time as the basis for socialist calculation because his concept of socially necessary labor time was a conceptual framework for understanding and analyzing value in capitalism. In Marx's view socialism would operate according to its own economic "laws of motion" distinct from those of capitalism. See also * Calculation in kind * Economic planning * Socialism Socialism is an economic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Critique Of Political Economy
Critique of political economy or simply the first critique of economy is a form of social critique that rejects the conventional ways of distributing resources. The critique also rejects what its advocates believe are unrealistic axioms, flawed historical assumptions, and taking conventional economic mechanisms as a given or as transhistorical (true for all human societies for all time). The critique asserts the conventional economy is merely one of many types of historically specific ways to distribute resources, which emerged along with modernity (post-Renaissance Western society). Critics of political economy do not necessarily aim to create their own theories regarding how to administer economies. Critics of economy commonly view "the economy" as a bundle of concepts and societal and normative practices, rather than being the result of any self-evident economic laws. Hence, they also tend to consider the views which are commonplace within the field of economics as faulty, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marxian 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. An example can be found in the works of Soviet economists like Lev Gatovsky, who sought to apply Marxist economic theory to the objectives, needs, and political conditions of the socialist construction in the Soviet Union, contributing to the development of Soviet political economy. Marxian economics concerns itself variously with the analysis of crisis in capitalism, the role and distribution of the surplus product and surplus value in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anarchy, State, And Utopia
''Anarchy, State, and Utopia'' is a 1974 book by the American political philosopher Robert Nozick. It won the 1975 US National Book Award in category Philosophy and Religion, has been translated into 11 languages, and was named one of the "100 most influential books since the war" (1945–1995) by the UK '' Times Literary Supplement''. In opposition to ''A Theory of Justice'' (1971) by John Rawls, and in debate with Michael Walzer,The United States in the World – Just Wars and Just Societies: An Interview with Michael Walzer , i Imprints Volume 7, Number 1, 2003 Nozick argues in favor of a [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Nozick
Robert Nozick (; November 16, 1938 – January 23, 2002) was an American philosopher. He held the Joseph Pellegrino Harvard University Professor, University Professorship at Harvard University,"Robert Nozick, 1938–2002". ''Proceedings and Addresses of the American Philosophical Association'', November 2002: 76(2). and was president of the American Philosophical Association. He is best known for his book ''Anarchy, State, and Utopia'' (1974), a libertarianism, libertarian answer to John Rawls' ''A Theory of Justice'' (1971), in which Nozick proposes his minimal state#Philosophy, minimal state as the only justifiable form of government. His later work ''Philosophical Explanations'' (1981) advanced notable epistemological claims, namely his counterfactual theory of knowledge. It won Phi Beta Kappa society's Ralph ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Libertarianism
Libertarianism (from ; or from ) is a political philosophy that holds freedom, personal sovereignty, and liberty as primary values. Many libertarians believe that the concept of freedom is in accord with the Non-Aggression Principle, according to which each individual has the right to live as they choose, as long as they do not violate the rights of others by initiating force or fraud against them. Libertarians advocate the expansion of individual autonomy and political self-determination, emphasizing the principles of equality before the law and the protection of civil rights, including the rights to freedom of association, freedom of speech, freedom of thought and freedom of choice. They generally support individual liberty and oppose Political authority, authority, State (polity), state power, warfare, militarism and nationalism, but some libertarians diverge on the scope and nature of their opposition to existing Economic system, economic and political systems. Schools of li ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equilibrium Price
In economics, economic equilibrium is a situation in which the economic forces of supply and demand are balanced, meaning that economic variables will no longer change. Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes, and quantity is called the "competitive quantity" or market clearing quantity. Understanding economic equilibrium An economic equilibrium is a situation when the economic agent cannot change the situation by adopting any strategy. The concept has been borrowed from the physical sciences. Take a system where physical forces are balanced for instance.This economically interpreted means no further change ensues. Properties of equilibrium Three basic properti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
