Month: July 2022
The most abundant factor of production is
In a simple model of economics, we can assume there are two main types of factors of production for a firm – labour and capital. Labor, not labor power, is the key factor of production for Marx and the basis for earlier economists’ labor theory of value. The hiring of labor power only results in…
Read MoreThe most abundant factor of production is
In a simple model of economics, we can assume there are two main types of factors of production for a firm – labour and capital. Labor, not labor power, is the key factor of production for Marx and the basis for earlier economists’ labor theory of value. The hiring of labor power only results in…
Read More