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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.
[1] [2] The principle refers to free access to and distribution of goods, capital and services. [3] In the Marxist view , such an arrangement will be made possible by the abundance of goods and services that a developed communist system will be capable to produce; the idea is that, with the full development of socialism and unfettered ...
Many things which today are considered commodities within the ‘free-market’ paradigm are differently understood within an associative paradigm. For example: land, labor, and capital. The so-called ‘factors of production’ are seen as 'factors of price formation', essentially matters of right which simply border the economic realm on all ...
In markets, entrepreneurs combine the other factors of production, land, labor, and capital, to make a profit. Often these entrepreneurs are seen as innovators, developing new ways to produce new products. In a planned economy, central planners decide how land, labor, and capital should be used to provide for maximum benefit for all citizens ...
The result aimed for is the valorisation of invested capital, i.e. other things being equal, the value of capital is maintained and has also increased through the activity of living labour. At the end of the working day, labour power has been more or less consumed, and must be restored through rest, eating and drinking, and recreation.
The social means of production are capital goods and assets that require organized collective labor effort, as opposed to individual effort, to operate on. [7] The ownership and organization of the social means of production is a key factor in categorizing and defining different types of economic systems .
Wire-grid Cobb–Douglas production surface with isoquants A two-input Cobb–Douglas production function with isoquants. In economics and econometrics, the Cobb–Douglas production function is a particular functional form of the production function, widely used to represent the technological relationship between the amounts of two or more inputs (particularly physical capital and labor) and ...
In Laborem exercens, John Paul set forth the following basic priorities as a framework for discussing issues of labor, capital, and property ownership: Labor takes precedence over capital. People are more important than things. [9] For contrast, he named two ideas he considered to be errors: materialism and economism. Materialism subordinates ...