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Marx concludes that as value is determined by labour, and as profit is the appropriated surplus value remaining after paying wages, that the maximum profit is set by the minimum wage necessary to sustain labour, but is in turn adjusted by the overall productive powers of labour using given tools and machines, the length of the workday, the ...
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For example, if you believe that wages are set for periods of one-year and you have a quarterly model, then the length of the contract will be 4 periods (4 quarters). There would then be 4 unions, each representing 25% of the market. Each period, one of the unions resets its wage for four periods: i.e. 25% or wages change in a given period.
In modern times, the fact that the state has a big effect on wages and the value of labour power has given rise to the concepts of the social wage and collective consumption. If the state claims just as much money from workers through taxes and levies as it pays out to them, then it is of course doubtful whether the state really "pays a social ...
Today's U.S. economy is much different than the one that was crushed by disastrous tariffs in the 1930s, according to finance professor Michael Pettis, who thinks tariffs could boost U.S. jobs ...
Wage-labour; The state; Foreign trade; The world-market; Theories of Surplus Value was originally conceived by Marx only as a historical excursion in the section of his theoretical study of "capital in general". This was to conclude the section on the process of production of capital.
Brian Jordan Alvarez dissects FX's subversive school comedy 'English Teacher' "I am assuming nobody on set knows what's going on under the comforter, and I'm just frozen," he said. "I didn't know ...
External numerical flexibility is the adjustment of the labour intake, or the number of workers from the external market. This can be achieved by employing workers on temporary work or fixed-term contracts or through relaxed hiring and firing regulations or in other words relaxation of employment protection legislation, where employers can hire and fire permanent employees according to the ...