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Skilled labour costs more to produce than unskilled labour, and can be more productive. Generally Marx assumed that—irrespective of the price for which it is sold—skilled labour power had a higher value (it costs more to produce, in money, time, energy and resources), and that skilled work could produce a product with a higher value in the ...
The surplus that arises due to difference between the marginal and intra-marginal land is the differential rent. It is generally accrued under conditions of extensive land cultivation. The term was first proposed by David Ricardo. Contract rent Contract rent refers to rent that is mutually agreed upon between the landowner and the user.
The decomposition allows to decompose mean wage differences into two parts, one which is the consequence of individual characteristics in those 6 labour markets [note 1] and the other one which is due to unexplained differences. The author finds that the differences in wages between labour markets is at around 20%, and that between Aberdeen and ...
Adjust labor cost to financial results – the basic idea is to create a bonus plan where the company is paying more bonuses in ‘good times’ and less (or no) bonuses in ‘bad times’. By having bonus plan budget adjusted according to financial results, the company's labor cost is automatically reduced when the company isn't doing so well ...
Even though rational theory is used in Economics and Social settings, there are some similarities and differences. The concept of reward and reinforcement is parallel to each other while the concept of cost is also parallel to the concept of punishment. However, there is a difference of underlying assumptions in both contexts.
The value of labour power is thus a historical norm, which is the outcome of a combination of factors: productivity; the supply and demand for labour; the assertion of human needs; the costs of acquiring skills; state laws stipulating minimum or maximum wages, the balance of power between social classes, etc.
G.A. Cohen 'The Labour Theory of Value and the Concept of Exploitation', in his History Labour and Freedom. Duncan, Colin A.M. 1996. The Centrality of Agriculture: Between Humankind and The Rest of Nature. McGill–Queen's University Press, Montreal. ——2000. The Centrality of Agriculture: History, Ecology and Feasible Socialism.
[note 20] Products that took 1 hour of labour to make in country A might take 10 hours to make in country B, a difference in production costs which could strongly influence the exchange values realised in the trade between A and B. More labour could, in effect, exchange for less labour internationally (an "unequal exchange" in value terms) for ...