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Free association, also known as free association of producers, is a form relationship among individuals where there is no private ownership of the means of production. A key feature of socialist economics , it has been defined differently by different schools of socialism, entailing either the individual , collective or common ownership of the ...
Karl Marx; Das Kapital, 1867; Das Kapital on Wikisource; Annotations, Explanations and Clarifications to Capital.; Description: A political-economic treatise by Karl Marx.Marx wrote this critical analysis of capitalism and of the political economy from the perspective of historical materialism, the view that history can be understood as a sequence of modes of production in which exploiting ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
In an economic market, production input and output prices are assumed to be set from external factors as the producer is the price taker. Hence, pricing is an important element in the real-world application of production economics. Should the pricing be too high, the production of the product is simply unviable.
A free market does not directly require the existence of competition; however, it does require a framework that freely allows new market entrants. Hence, competition in a free market is a consequence of the conditions of a free market, including that market participants not be obstructed from following their profit motive.
Edmund A. Mennis wrote in Business Economics [7] that Sowell gives good examples of government controls having bad consequences, and of the way profits and losses in free markets signal to producers how scarce resources should be used. Mennis referred to the book as "an excellent gift for someone who is interested in learning more about ...
The history of commons-based peer production communities (by the P2Pvalue project) [undue weight? – discuss] Yochai Benkler used this term as early as 2001. Benkler first introduced the term in his 2002 paper in the Yale Law Journal (published as a pre-print in 2001) "Coase's Penguin, or Linux and the Nature of the Firm", whose title refers to the Linux mascot and to Ronald Coase, who ...
Georgism, an economic philosophy holding that people should own only the value they produce themselves; Labor theory of value, the principle that economic value is determined by the socially necessary labor required to produce it; Petite bourgeoisie, a social class within the bourgeoisie at its lower end