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the only objective definition of productive labour is in terms of what is as a matter of fact productive within the conditions of a given mode of production. from the point of view of the capitalist class, labour is productive, if it increases the value of (private) capital or results in (private) capital accumulation .
A typical example is the aggregate production function. [2] Another famous problem is Sonnenschein-Mantel-Debreu theorem. Most of macroeconomic statements comprise this problem. Examples of aggregates in micro- and macroeconomics relative to less aggregated counterparts are: Food vs. apples; Price level and real GDP vs. the price and quantity ...
In macroeconomics, aggregate production functions for whole nations are sometimes constructed. In theory, they are the summation of all the production functions of individual producers; however there are methodological problems associated with aggregate production functions, and economists have debated extensively whether the concept is valid. [3]
But the production of any commodity generally requires both labour and some previously produced means of production (or capital goods), like tools and materials. The amount of labour so required is called the direct labour input into the commodity. Yet the required capital goods have in their turn been produced (in the past) by labour and other ...
For example inequality appears to lower savings in 'liberal market economies' but to rather reduce aggregate demand in 'coordinated market economies'. [ 51 ] In the case where inequality lowers savings, and increases leverage and a tendency to run large current account imbalances via the expenditure cascade mechanism, this has been associated ...
In the example given earlier, of making a cup of coffee, the constant capital involved in production is the coffee beans themselves, and the variable capital is the value added by the coffee maker. The value added by the coffee maker is dependent on its technological capabilities, and the coffee maker can only add so much total value to cups of ...
Social capital is a concept used in sociology and economics to define networks of relationships which are productive towards advancing the goals of individuals and groups. [1] [2] It involves the effective functioning of social groups through interpersonal relationships, a shared sense of identity, a shared understanding, shared norms, shared values, trust, cooperation, and reciprocity.
In the social sciences, social structure is the aggregate of patterned social arrangements in society that are both emergent from and determinant of the actions of individuals. [1] Likewise, society is believed to be grouped into structurally related groups or sets of roles , with different functions, meanings, or purposes.