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Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, voluntary exchange, and wage labor. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.
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 political variables.
Anti-capitalism is a political ideology and movement encompassing a variety of attitudes and ideas that oppose capitalism. In this sense, anti-capitalists are those who wish to replace capitalism with another type of economic system, such as socialism or communism.
Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a substantial impact on individual earnings. Research indicates that human capital investments have high economic returns throughout childhood and young adulthood.
In economics, the means of production is a term which describes land, labor, and capital that can be used to produce products ; however, the term can also refer to anything that is used to produce products. It can also be used as an abbreviation of the "means of production and distribution" which additionally includes the logistical distribution and delivery of products, generally through distributors; or as an abbreviation of the "means of production, distribution, and exchange" which further includes the exchange of distributed products, generally to consumers.
Private property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property, which is owned by a state entity, and from collective or cooperative property, which is owned by one or more non-governmental entities.
Economic inequality is an umbrella term for a) income inequality or distribution of income, b) wealth inequality or distribution of wealth, and c) consumption inequality. Each of these can be measured between two or more nations, within a single nation, or between and within sub-populations.
David Edward Card is a Canadian-American labour economist and the Class of 1950 Professor of Economics at the University of California, Berkeley, where he has been since 1997. He was awarded half of the 2021 Nobel Memorial Prize in Economic Sciences "for his empirical contributions to labour economics", with Joshua Angrist and Guido Imbens jointly awarded the other half.
Post-capitalism is in part a hypothetical state in which the economic systems of the world can no longer be described as forms of capitalism. Various individuals and political ideologies have speculated on what would define such a world. According to classical Marxist and social evolutionary theories, post-capitalist societies may come about as a result of spontaneous evolution as capitalism becomes obsolete. Others propose models to intentionally replace capitalism, most notably socialism, communism, anarchism, nationalism and degrowth.
Criticism of capitalism is a critique of political economy that involves the rejection of, or dissatisfaction with the economic system of capitalism and its outcomes. Criticisms typically range from expressing disagreement with particular aspects or outcomes of capitalism to rejecting the principles of the capitalist system in its entirety.
Rudolf Alfred Meidner was a Swedish economist and socialist.
Samuel Stebbins Bowles, is an American economist and Professor Emeritus at the University of Massachusetts Amherst, where he continues to teach courses on microeconomics and the theory of institutions. His work belongs to the neo-Marxian tradition of economic thought. However, his perspective on economics is eclectic and draws on various schools of thought, including what he and others refer to as post-Walrasian economics.
Schooling in Capitalist America: Educational Reform and the Contradictions of Economic Life is a 1976 book by economists Samuel Bowles and Herbert Gintis. Widely considered a groundbreaking work in sociology of education, it argues the "correspondence principle" explains how the internal organization of schools corresponds to the internal organisation of the capitalist workforce in its structures, norms, and values. For example, the authors assert the hierarchy system in schools reflects the structure of the labour market, with the head teacher as the managing director, pupils fall lower down in the hierarchy. Wearing uniforms and discipline are promoted among students from working class, as it would be in the workplace for lower levels employees. Education provides knowledge of how to interact in the workplace and gives direct preparation for entry into the labour market.
Marxian class theory asserts that an individual's position within a class hierarchy is determined by their role in the production process, and argues that political and ideological consciousness is determined by class position. A class is those who share common economic interests, are conscious of those interests, and engage in collective action which advances those interests. Within Marxian class theory, the structure of the production process forms the basis of class construction.
Herbert Gintis was an American economist, behavioral scientist, and educator known for his theoretical contributions to sociobiology, especially altruism, cooperation, epistemic game theory, gene-culture coevolution, efficiency wages, strong reciprocity, and human capital theory. Throughout his career, he worked extensively with economist Samuel Bowles. Their landmark book, Schooling in Capitalist America, had multiple editions in five languages since it was first published in 1976. Their book, A Cooperative Species: Human Reciprocity and its Evolution was published by Princeton University Press in 2011.
Michael Perelman was an American economist and economic historian, former professor of economics at California State University, Chico. Perelman has written 19 books, including Railroading Economics, Manufacturing Discontent, The Perverse Economy, and The Invention of Capitalism.
Redistribution of income and wealth is the transfer of income and wealth from some individuals to others through a social mechanism such as taxation, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law. The term typically refers to redistribution on an economy-wide basis rather than between selected individuals.
Michael Reich is a Polish-born economist who primarily focuses on labor economics and political economy. Currently, Reich is a professor of economics and co-chair of the Center on Wage and Employment Dynamics at the Institute for Research on Labor and Employment (IRLE) at the University of California at Berkeley. He served as director of IRLE from 2004 to 2015. In 1968, he helped found the Union for Radical Political Economics.
Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian economists tend to accept the concept of the economy prima facie. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other; in many cases Marxian analysis is used to complement, or to supplement, other economic approaches. Because one does not necessarily have to be politically Marxist to be economically Marxian, the two adjectives coexist in usage, rather than being synonymous: They share a semantic field, while also allowing both connotative and denotative differences.
Arindrajit (Arin) Dube is a professor of economics at the University of Massachusetts Amherst, known internationally for his empirical research on the effects of minimum wage policies. He is among the foremost scholars regarding the economic impact of minimum wages. In 2019, he was asked by the UK Treasury to conduct a review of the evidence on the impact of minimum wages, which informed the decision to set the level of the National Living Wage. His work is focused on the economics of the labor market, including the role of imperfect competition, institutions, norms, and behavioral factors that affect wage setting and jobs.
References
- 1 2 "Guard labor Archived 2013-04-03 at archive.today ," Michael Perelman, Dollars and Sense
- 1 2 Jayadev, A., and Bowles, S. (2006). Guard labor. SFI WORKING PAPER: 2005-07-030
- ↑ Corey Pein, "Born Poor" Santa Fe Reporter (Feb 3, 2010)
- ↑ "Guard Labor: Inequality’s Hidden Price Tag," Sam Pizzigati Too Much.
- ↑ Inequality and "Guard Labor", Economist's View