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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 ...
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilised amounts of the various inputs determine the quantity of output according to the relationship called the production function .
Private ownership of the means of production: [15] The investment of money to make a profit. [106] The use of the price mechanism to allocate resources between competing uses. [15] Economically efficient use of the factors of production and raw materials due to maximization of value added in the production process. [107] [108]
Property rights theory is an exploration of how providing stakeholders with ownership of any factors of production or goods, not just land, will increase the efficiency of an economy as the gains from providing the rights exceed the costs. [20]
In political philosophy, the means of production refers to the generally necessary assets and resources that enable a society to engage in production. [1] While the exact resources encompassed in the term may vary, it is widely agreed to include the classical factors of production (land, labour, and capital) as well as the general infrastructure and capital goods necessary to reproduce stable ...
The group holding the most number of shares in the company, around 38% to be precise, is individual insiders. Put another way, the group faces the maximum upside potential (or downside risk).
The ownership of the means of production can be based on direct ownership by the users of the productive property through worker cooperative; or commonly owned by all of society with management and control delegated to those who operate/use the means of production; or public ownership by a state apparatus.
In recent models proposed by American neoclassical economists, public ownership of the means of production is achieved through public ownership of equity and social control of investment. The earliest models of neoclassical socialism were developed by Léon Walras , Enrico Barone (1908) [ 36 ] [ 37 ] [ 38 ] and Oskar R. Lange (c. 1936). [ 39 ]