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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 ...
Many of the quantities of interest, such as income and consumption, are monetary. Keynes often expresses such quantities in wage units (Chapter 4): to be precise, a value in wage units is equal to its price in money terms divided by W, the wage (in money units) per man-hour of labour. Therefore it is a unit expressed in hours of labour.
The marginal revenue product of a worker is equal to the product of the marginal product of labour (the increment to output from an increment to labor used) and the marginal revenue (the increment to sales revenue from an increment to output): =. The theory states that workers will be hired up to the point when the marginal revenue product is ...
To each according to his contribution" is a principle of distribution considered to be one of the defining features of socialism. It refers to an arrangement whereby individual compensation is representative of one's contribution to the social product (total output of the economy) in terms of effort, labor and productivity. [1]
Adjust labor cost to financial results – the basic idea is to create a bonus plan where the company is paying more bonuses in ‘good times’ and less (or no) bonuses in ‘bad times’. By having bonus plan budget adjusted according to financial results, the company's labor cost is automatically reduced when the company isn't doing so well ...
If labour produces useless products or results, it is simply a waste of labour-time and difficult or impossible to sell them. So, Marx argues that human work is both (1) an activity which, by its useful effect, helps to create particular kinds of products, and (2) in an economic sense a value-forming activity that, if it is productively applied ...
Labour markets are normally geographically bounded, but the rise of the internet has brought about a 'planetary labour market' in some sectors. [4] Labour is a measure of the work done by human beings. It is conventionally contrasted with other factors of production, such as land and capital.
Following the argument, the fruits of one's labor are one's own because one worked for it. Thus, any form of income tax would be hostile to natural law. Furthermore, the laborer must also hold a natural property right in the resource itself because exclusive ownership was immediately necessary for production.