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Labor-power might be seen as a stock which can produce a flow of labor. Labor, not labor power, is the key factor of production for Marx and the basis for earlier economists' labor theory of value. The hiring of labor power only results in the production of goods or services ("use-values") when organized and regulated (often by the "management ...
In economics, the Leontief's paradox is that a country with a higher capital per worker has a lower capital/labor ratio in exports than in imports.. This econometric finding was the result of Wassily W. Leontief's attempt to test the Heckscher–Ohlin theory ("H–O theory") empirically.
So, the employer also buys unproductive labour because the employer's costs in this respect are lower than the loss of value that would occur, if he did not employ unproductive labour to maintain capital value, and to prevent loss of capital value. For example, cleaning work might seem a very menial and low-value activity, but if business ...
Wire-grid Cobb–Douglas production surface with isoquants A two-input Cobb–Douglas production function with isoquants. In economics and econometrics, the Cobb–Douglas production function is a particular functional form of the production function, widely used to represent the technological relationship between the amounts of two or more inputs (particularly physical capital and labor) and ...
Labor, capital, energy input, and technical change (omitted below for brevity) are the only relevant factors of production, The factors of production are independent of one another such that the production function takes the general form Q = f ( L , K , E ) {\displaystyle Q=f(L,K,E)} ,
The result aimed for is the valorisation of invested capital, i.e. other things being equal, the value of capital is maintained and has also increased through the activity of living labour. At the end of the working day, labour power has been more or less consumed, and must be restored through rest, eating and drinking, and recreation.
A defining feature of capitalism is the dependency on wage-labor for a large segment of the population; specifically, the working class, that is a segment of the proletariat, which does not own means of production (type of capital) and are compelled to sell to the owners of the means of production their labour power in order to produce and thus ...
Capital intensity is the amount of fixed or real capital present in relation to other factors of production, especially labor. At the level of either a production process or the aggregate economy, it may be estimated by the capital to labor ratio, such as from the points along a capital/labor isoquant .