Capital accumulationDynamic that motivates pursuit of profit Part of a series onEconomics OutlineIndexGlossaryEconomists Principles of Economics Tools and methodologyEconomic theory Mathematical modeling Game theory Rational choice Cognitive science (Behavioral) Economic equilibrium Empirical methods Experimental Econometrics Time series Spatial Causal inference Quasi-experiments Prescriptive and policy Welfare analysis Social choice theory Rational choice theory Cost–benefit analysis Branches and subfields Applied Econometrics Econophysics International Heterodox Micro Macro Mainstream Mathematical Mech.
Organic composition of capitalThe organic composition of capital (OCC) is a concept developed by Karl Marx in his theory of capital, which was simultaneously his critique of the political economy. It is derived from his more basic concepts of 'value composition of capital' and 'technical composition of capital'. Marx defines the organic composition of capital as "the value-composition of capital, in so far as it is determined by its technical composition and mirrors the changes of the latter".
Karl MarxGerman philosopher and socialist (1818–1883)Karl Marx (German:; 5 May 1818 – 14 March 1883) was a German philosopher, social and political theorist, and revolutionary socialist. He developed the theory of historical materialism, analysing societal structure and change, particularly class struggle under capitalism, and predicting the system's ultimate replacement by communism.
David RicardoDavid Ricardo (18 April 1772 – 11 September 1823) was a British economist and politician. He is recognized as one of the most influential classical economists, alongside figures such as Thomas Malthus, Adam Smith and James Mill. Ricardo was born in London as the third surviving child of a successful stockbroker and his wife. He came from a Sephardic Jewish family of Portuguese origin.
Marxist philosophyPhilosophy influenced by Marxist thought Marxist philosophy or Marxist theory comprises works in philosophy strongly influenced by Karl Marx's materialist approach to theory, or works written by Marxists.
Frankfurt SchoolThe Frankfurt School is a school of thought in sociology and critical theory. It is associated with the Institute for Social Research, founded on February 3, 1923, at the University of Frankfurt am Main (today known as Goethe University Frankfurt).CapitalismCapitalism is an economic system based on the private ownership of the means of production and its use for the purpose of obtaining profit. This socioeconomic system has developed historically in several stages and is defined by a number of constituent elements: private property, profit motive, capital accumulation, competitive markets, commodification, wage labor, and an emphasis on innovation and economic growth.
Iron law of wagesThe iron law of wages is a proposed law of economics that asserts that real wages always tend, in the long run, toward the minimum wage necessary to sustain the life of the worker. The theory was first named by Ferdinand Lassalle in the mid-nineteenth century.
Friedrich EngelsFriedrich Engels ( ENG-(g)əlz; German: [ˈfʁiːdʁɪç ˈɛŋl̩s]; 28 November 1820 – 5 August 1895) was a German philosopher, social and political theorist, and revolutionary socialist. He is best known for his lifelong collaboration with Karl Marx, with whom he co-authored The Communist Manifesto (1848) and developed the political and philosophical system that came to be known as Marxism.
The Communist Manifesto1848 political pamphlet by Karl Marx and Friedrich Engels The Communist Manifesto, originally the Manifesto of the Communist Party, is a political pamphlet written by Karl Marx and Friedrich Engels. It was commissioned by the Communist League and published in London in 1848.Marxian economicsSchool of economic thought
Real wagesReal wages are wages adjusted for inflation, or equivalently wages in terms of the amount of goods and services that can be bought. This term is used in contrast to nominal wages or unadjusted wages.*As an Amazon Associate I earn from qualifying purchases.