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Rerum novarum (from its incipit, with the direct translation of the Latin meaning "of revolutionary change" [n 1]), or Rights and Duties of Capital and Labor, is an encyclical issued by Pope Leo XIII on 15 May 1891.
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 ...
In his labor theory of property, Locke stated that property is a natural result of labor improving upon nature, and thus by labor expenditure the laborer becomes entitled to its produce. [10] Influenced by the rise of mercantilism , Locke argued that private property was antecedent to and thus independent of government.
Wage labour (also wage labor in American English), usually referred to as paid work, paid employment, or paid labour, refers to the socioeconomic relationship between a worker and an employer in which the worker sells their labour power under a formal or informal employment contract. [1]
Adam Smith argued that free commercial banking, such as the banking system in Scotland which had no central bank when Wealth of Nations was written in 1776, was favourable to economic growth. Writing just a few decades later, Ricardo argued for a central bank, a cause that was taken up by his students, including John Stuart Mill , who was known ...
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. [1] A typical example is the machinery used in a factory. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a ...
Use of the term feudalism to describe India applies a concept of medieval European origin, according to which the landed nobility held lands from the Crown in exchange for military service, and vassals were in turn tenants of the nobles, while the peasants (villeins or serfs) were obliged to live on their lord's land and give him homage, labor, and a share of the produce, notionally in ...
Monopoly Capital: An Essay on the American Economic and Social Order is a 1966 book by the Marxian economists Paul Sweezy and Paul A. Baran. It was published by Monthly Review Press . It made a major contribution to Marxian theory by shifting attention from the assumption of a competitive economy to the monopolistic economy associated with the ...