Search results
Results from the WOW.Com Content Network
This is reflected both at the general level of lack of understanding of the social nature of technological change embodied in Marx's theory of the value-form, reflected in widespread ignorance of the detail of the "rational kernel" of Hegel's dialectic [7] whose the principal 'forms of being' Marx used to structure the whole of the work on ...
In marketing, the whole product concept is the third iteration of a model originally developed by Philip Kotler, a professor at the Kellogg School of Management at Northwestern University. In his book entitled “Marketing Management” Kotler drew attention to the fact that consumers purchase more than the core product itself. And ...
The end result is that value theory is banished from economics as a useless metaphysics, surviving only in the form of assumptions made about price behaviour. Because money-prices offer convenient quantifiable and generally applicable units of economic value, no further inquiry into value is deemed necessary. [note 11]
In the paradox of value, it is a contradiction that it is cheaper than diamonds, despite diamonds not having such an importance to life. The paradox of value, also known as the diamond–water paradox, is the paradox that, although water is on the whole more useful in terms of survival than diamonds, diamonds command a higher price in the market.
The labour theory of value argues that products and commodities get their worth from the labour put into them. [6] In Robinson's view, Marx saw this theory as an equilibrium, a balance between the demand of society and the social labour time of a product which drove the market's prices (23). [1]
Likewise, in considering the gross output of capitalist production in an economy as a whole, Marx divides its value into these four components. He argues that the total new value added in production, which he calls the value product, consists of the equivalent of variable capital, plus surplus value. Thus, the workers produce by their labor ...
The usual 'Marxist' value theory that alleges that value is already completely determined by 'socially necessary labor-time' is also a pre-monetary value theory". [ 98 ] The Greek Marxian economist John Milios also argues for a monetary theory of value, where "Money is the necessary form of appearance of value (and of capital) in the sense that ...
An early example was Jacob Viner, who in his 1936 review of the General Theory said of hoarding that Keynes' attaches great importance to it as a barrier to "full" employment' (p152) while denying (pp158f) that it was capable of having that effect. [39] The theory that hoarding is a cause of unemployment has been the subject of discussion.