Economics (/ ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) is the social science that studies the production, distribution, and consumption of goods and services.. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their …

Labour economics, or labor economics, seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that is supplied by labourers, usually in exchange for a wage paid by demanding firms. Because these labourers exist as parts of a social, institutional, or political system, labour economics must also account for social, cultural and …

Online Library of Liberty The OLL is a curated collection of scholarly works that engage with vital questions of liberty. Spanning the centuries from Hammurabi to Hume, and collecting material on topics from art and economics to law and political theory, the OLL provides you with a rich variety of texts to explore and consider.

And there are not wanting Catholics blessed with affluence, who have, as it were, cast in their lot with the wage-earners, and who have spent large sums in founding and widely spreading benefit and insurance societies, by means of which the working man may without difficulty acquire through his labor not only many present advantages, but also the certainty of honorable …

The labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by the total amount of "socially necessary labor" required to produce it.. The LTV is usually associated with Marxian economics, although it originally appeared in the theories of earlier classical economists such as Adam Smith and David …

08-09-2022 · Economists must be able to review data in detail, observe patterns, perform advanced calculations, and draw logical conclusions. For example, labor economists analyze the effects of labor policies on employment. Critical-thinking skills. Economists must be able to use logic and reasoning to solve complex problems.

In economics, economic value is a measure of the benefit provided by a good or service to an economic agent.It is generally measured through units of currency, and the interpretation is therefore "what is the maximum amount of money a specific actor is willing and able to pay for the good or service"?. Among the competing schools of economic theory there are differing …

Socialism is a left-wing economic philosophy and movement encompassing a range of economic systems characterized by the dominance of social ownership of the means of production as opposed to private ownership. As a term, it describes the economic, political and social theories and movements associated with the implementation of such systems. Social ownership can be …

In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a given year.". A typical example is the machinery used in factories.

Karl Marx's theory of alienation describes the estrangement (German: Entfremdung) of people from aspects of their human nature (Gattungswesen, 'species-essence') as a consequence of the division of labor and living in a society of stratified social classes.The alienation from the self is a consequence of being a mechanistic part of a social class, the condition of which estranges a …