Search results
Results from the WOW.Com Content Network
the right to use the good; the right to earn income from the good; the right to transfer the good to others, alter it, abandon it, or destroy it (the right to ownership cessation) Economists such as Adam Smith stress that the expectation of profit from "improving one's stock of capital" rests on the concept of private property rights. [7]
Painting of the parable, by Jacob Willemszoon de Wet, mid-17th century. The Parable of the Workers in the Vineyard (also called the Parable of the Laborers in the Vineyard or the Parable of the Generous Employer) is a parable of Jesus which appears in chapter 20 of the Gospel of Matthew in the New Testament.
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]
Just as wages are the reward for the labor that workers do, profits are the reward for the productive contributions of capital: thus, the normal operations of the system under competitive conditions pay profits to the owners of capital. Responding to the "indictment that hangs over society" that it involves "exploiting labor," Clark wrote:
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. [15] 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 shadow leader of the Commons said that if elected, a Labour government would improve the culture in Parliament and restore public trust. Labour ‘would embed good employment practices’ in ...
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 .
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!