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The simplest definition of socially necessary labour time is the amount of labour time performed by a worker of average skill and productivity, working with tools of the average productive potential, to produce a given commodity. This is an "average unit labour-cost", measured in working hours.
The first form of the equation expresses the value resulting from production, focusing on the costs + and the surplus value appropriated in the process of production, . The second form of the equation focuses on the value of production in terms of the values added by the labor performed during the process N L + S L {\displaystyle NL+SL} .
Manifest functions are the consequences that people see, observe or even expect. It is explicitly stated and understood by the participants in the relevant action. The manifest function of a rain dance, according to Merton in his 1957 Social Theory and Social Structure, is to produce rain, and this outcome is intended and desired by people participating in the ritual.
Illustration of Industry 4.0, showing the four "industrial revolutions" with a brief English description. Industrial sociology, until recently a crucial research area within the field of sociology of work, examines "the direction and implications of trends in technological change, globalization, labour markets, work organization, managerial practices and employment relations" to "the extent to ...
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 .
The difference between material culture and non-material culture is known as cultural lag.The term cultural lag refers to the notion that culture takes time to catch up with technological innovations, and the resulting social problems that are caused by this lag.
Production is carried out for exchange and circulation in the market, aiming to obtain a net profit income from it. The owners of the means of production (capitalists) constitute the dominant class (bourgeoisie) who derive its income from the exploitation of the surplus value. Surplus value is a term within the Marxian theory which reveals the ...
The Tullock paradox is the apparent paradox, described by economist Gordon Tullock, on the low costs of rent-seeking relative to the gains from rent-seeking. [11] [12] The paradox is that rent-seekers wanting political favors can bribe politicians at a cost much lower than the value of the favor to the rent-seeker.