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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]
Wood notes that Locke is not actually concerned with the act of labor or improving the use value of property, but rather is focused on the creation of exchange value as the basis of property. [16] For one thing, it turns out that there is no direct correspondence between labour and property, because one man can appropriate the labour of another.
The labor theory of value (LTV) is a theory of value that argues that the exchange value of a good or service is determined by the total amount of "socially necessary labor" required to produce it. The contrasting system is typically known as the subjective theory of value .
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 ...
It was only in the 13th century AD when the word price came into use in Western Europe, its Latin root being pretium, meaning "reward, prize, value, worth", referring back to the notion of "recompense", or what was given in return, the expense, wager or cost incurred when a good changed hands. Its verb meaning "to set the price of" was used ...
The payment for someone else's labor and all income received from one's own labor is wages. Labor can also be classified as the physical and mental contribution of an employee to the production of the good(s). Capital stock — human-made goods which are used in the production of other goods. These include machinery, tools, and buildings.
Human labor becomes dominated by the economic exchange of the products of that labor, and labor itself becomes a tradeable abstract value (see Abstract labour and concrete labour). The result of the difficulties in explaining economic value and its sources is that value becomes something of a mystery, and that how the attribution of value ...
The track of scientific research around employee recognition and motivation was constructed on the foundation of early theories of behavioral science and psychology. [3] The earliest scientific papers on employee recognition have tended to draw upon a combination of needs-based motivation (for example, Hertzberg 1966; Maslow 1943) theories and reinforcement theory (Mainly Pavlov 1902; B.F ...