The Labor Theory Of Value - 1696 Words

The labor theory of value is an economic theory first proposed by Adam Smith that states that the value of a good or service is determined by the labor it takes to create the product under normal circumstances. Furthermore, supply and demand do not affect value, only price. An economist and philosopher named Karl Marx believes this theory proves that capitalism is inherently exploitative of the working class. Every person has labor power, or the ability to work. However, labor power is fueled by external resources (such as food, water, clothing, and transportation to the workplace) which all have value as well, so when an individual s work is more valuable than that sustenance, surplus value generates. Surplus value will benefit the business rather than the laborer, therefore Marx believed capitalism is inherently exploitative. Additionally, he thought that capitalistic society is made up of classes that are bound to struggle--consequentially, that this would lead a state to naturall y shift into communism. Nonetheless, this theory is not commonly accepted; marginalism is the belief that not only the labor used in manufacturing affects its value, but the marginal utility--the overall satisfaction from the good or service. There is a multitude of other opposing theories and criticisms of Marx s beliefs. There are many different systems of economics, but if Marx s logic were consistent, each of them would be exploitative. Capitalism, the least because the working class hasShow MoreRelatedThe Marxist Labor Theory Of Value1174 Words   |  5 Pagesthis claim, the Marxist Labor Theory of Value, to be the economic equivalent to the flat earth theory. In essence this claim asserts that because value is objective and the worker creates X amount of value, say a five dollar widget, that because they were only paid four dollars the capitalist exploited a dollar of surplus value from them (this surplus value is the source of profit). This account fails because it is premised on a lie, that value is objective. In reality value is subjective and becauseRead MoreKarl Marx s View On The Labor Value Of Theory883 Words   |  4 Pagesargued that the people within the classes were bound to remain â€Å"because of the very nature of capitalism† (Prabhat, 2012). Instead, Marx believed â€Å"†¦that the value of a good or service is dependent upon the labor used†¦Ã¢â‚¬  to produce it (Investopedia, 2014). What did Karl Marx hope to accomplish by publishing his view on the Labor Value of Theory? Karl Marx lived from 1818 to 1883 and published his most famous work, The Communist Manifesto, in 1848. His father was a lawyer â€Å"who came from a long lineRead MoreLabor Economics681 Words   |  3 Pagescapital. Theory of value (economics): Theory of value is a generic term which encompasses all the theories within economics that attempt to explain the exchange value or price of goods and services .The labor theories of value (LTV) are heterodox economic theories of value which argue that the value of a commodity is related to the labor needed to produce or obtain that commodity Key questions in economic theory include why goods and services are priced as they are, how the value of goods andRead MoreEssay about : Adam Smith and Karl Mark: Contrasting Views of Capitalism902 Words   |  4 PagesThe theory of capitalism describes the essential features of capitalism and how it functions. Adam Smith focused his theories on the role of enlightened self-interest led by an invisible hand or incorrectly the invisible guiding hand, and the role of specialisation in promoting the efficiency of capital accumulation. Some proponents of capitalism emphasize the role of free markets, which, they claim, promote freedom and democracy. For many, capitalism hinges on the extension into a global dimensionRead MoreAdam Smiths Theory Of Classical Theory And Natural Law956 Words   |  4 Pageslater works. In this section, I will explore the different relationship of natural law with Classical thought, specifically in relation to wealth and utility. I assert that the division of labor acted as a form of natural law for this period. Beginning with Adam Smith, his work Wealth of Nations, this division of labor arises â€Å"Not due to human wisdom, but the necessary slow and gradual consequence of the propensity of human nature to barter and exchange one thing for another. It is by barter and treatyRead MoreKarl Marx And The Great Philosopher Essay988 Words   |  4 Pagesof the Prussian autocracy. Marx engaged in numerous revolutionary movements; However, after the failures he was driven to London in 1849. For most of his life, Marx was not working alone. Marx worked with Friedrich Enge ls, who had created a similar theory to that of Marx. Engel was a great communicator while Marx was the great philosopher. The two worked well together to formulate the term, â€Å"Marxism†. Engel contributed much to Marxism and Karl Marx’s other successes. Marx continuously studied and wroteRead MoreMan vs. Machine Surplus Theory of Value Output Essay example1128 Words   |  5 PagesISF 100A essay 1 Prompt 1 Man vs. Machine Surplus Value output Within society there has always been producers and consumers, those who work for the benefit of others to gain in return a medium of exchange of wealth and salary for personal consumption at a later time. But at what cost of these workers, what of the surplus or rather byproduct of labor that workers create for capitalists to make economic profit of the workers? Their labor-cost, according to nineteenth century German economistRead MoreCapitalism and Proletariats945 Words   |  4 Pages Critiques of social contract theories abound, even including criticisms from social contract theorists themselves, such as Jean-Jacques Rousseau. John Locke’s social contract theory remains one of the prominent theories to this day, and includes the idea that a thing owned in common can be obtained by adding one’s labor to it. Critics of social contract theories aren’t simply seeking to negate the theories of social contract theories, but in many cases are seeking to enhance them and show howRead MoreThe Relations Between Producers And Capitalist Society Essay1624 Words   |  7 Pagesand commodities, people think that they have mystical powers, but the powers come from us from own creative labor. If we take a look inside a workplace it could be any place of work a capitalist factory, a peasant commune, or a family farm, the relations between different workers are direct, you make a widget and hand it directly to the next person. If something needs to change by the labor process, someone brings workers together and says now we will organize things differently. The organizationRead MoreThe Decline in the Rate of Unemployment Is Due to Adverse Factors in the United States Economy1360 Words   |  6 PagesIntroduction In the Wall Street Journal dated September 6th 2013, an article titled, ‘Unemployment Drops for the Wrong Reasons’ describes how unemployment has dropped in the United States based on the latest Bureau of Labor Statistics population survey. According to Izzo (2013), there was a drop in unemployment rate to 7.3% by 0.1% in August 2013. This was coupled with a drop of broader measure of unemployment by 0.3% to 13.7%. On closer scrutiny, the drop in unemployment came from wrong reasons

Moral Dilemmas Of My Life - 901 Words

I have faced many moral dilemmas in my life thus far in which I had to make tough decisions that to this day I hope allowed for the best possible outcome. However, for the purpose of this paper I would like to reflect on one of someone else s moral dilemmas. I first knew Denman in the Army while we were training in Germany for a deployment to Iraq in 2005. One day Denman had received the tragic news that his aunt had suddenly passed away. He had a very close relationship with his aunt who played a significant role in raising him. He knew that moment that he needed to be with his family in mourning and for the funeral. Denman pleaded to his chain of command for him to go home, but they ultimately told him no because she was not his immediate family (per Army rules and regulations). He then had two possible choices he could make, both of which held negative consequences. On one hand, he could go home on his own to be there with his family for their sake and also his. With this he would miss valuable deployment training, face a variety of possible punishments for going against direct orders, and him being considered Absent Without Leave (AWOL). On the other hand, he could obey his orders and not go home. The negative consequences of this would include him not being focused on the training because of his grief, feelings of regret and shame for not being with his family, and possible feelings of resentment and abandonment towards him from his family. In other words, he couldShow MoreRelatedMoral Dilemm Right Vs Right Essay1348 Words   |  6 Pages Moral Dilemma Right versus right moral dilemma causes conflict which is recognized in the two cases and each case, a person considers themselves as having moral intentions. The moral dilemma is about an attorney’s emotional conflict with his professional obligations. â€Å"A right versus right situation occurs when one is faced with an urgent and intricate situation that makes you make choices about your integrity and moral character† (Badaracco Jr., 2009). The essential features of a moral dilemmaRead MoreEthical Dilemma And Ethical Dilemmas Essay1593 Words   |  7 Pages Dilemmas are something individuals deal with daily, in our society. What is the difference between an ethical dilemma, and an ethical issue? Essentially an ethical dilemma, is a situation individuals faces, where the course of action, or decision, which is to come, is challenging to make, due to the potential consequences involved with making that decision (Pollock, 2015). An ethical issue, revolves around difficult social questions, which regard what is the right or wrong thing to do (PollockRead MoreMoral Philosophy And Its Strength And Weaknesses1350 Words   |  6 PagesA system of moral principles is a definition of ethics in a culture or a group. Principles or rules of right conduct or the distinction between right and wrong are one definition of moral. In this essay, I will search for my principles and how I ought to live my life. What do I believe in and how do I apply this in my duty as a human being, as a father, husband and a military officer. In other words, I will search for my moral philosophy. Furthermore, I will explain my moral philosophy and itsRead MoreMy Professional Moral Compass730 Words   |  3 PagesRunning head: MY PROFESSIONAL MORAL COMPASS My Professional Moral Compass Pamela Chesnut Grand Canyon University Ethical Decision Making in Health Care NRS 437V July 26, 2012 My Professional Moral Compass A professional moral compass is something everyone has and lives by. It helps assist in making decisions and is based on morals or virtues. My personal moral compass is directed by various inspirations, passions, and values that I try to live by. Compassion, loyaltyRead MoreAn Ethical Dilemma Experienced Personally1341 Words   |  6 PagesAn ethical dilemma experienced personally I am a full time student, while doing part time job at gas station as a cashier cum customer service representative. My job responsibilities are usually help customer and take the necessary payments from customers. Often it happened that some customer left their remaining small change (5 or 10 cents) by saying keep the change. Every day total of tips 1 or 2 dollar, monthly or yearly this can be sum-up a big total. I was in an ethical dilemma what shouldRead MoreThe Moral Development And Value Essay1572 Words   |  7 Pagesdiscuss the moral development and value that is placed upon those morals within a modern society. Addressing how moral development is an essential piece for individual aspect that we possess. The discussion will include where the majority of an individual’s morality is learned and how those teachings can be influenced by society. This paper will explore one of Lawrence Kohlberg’s stories concerning moral dilemma and the stages of development found in the numerous answers to that dilemma. My answer toRead MoreCarol Gilligan on Moral Development Essay1422 Words   |  6 Pagesdevelops her own moral orientation model. Gilligan criticises these theories as she claims they are insensitive to females different voice on morality and therefore result in women achieving lower stages, thereby labelling them morally inferior to men. Gilligan (1982; also see Langdale 1986; Lyons, 1983; and Noddings, 1984) proposed that male and females hold different life orientations, with particular emphasis on their moral belief structure. According to Walker et al., (1987) a moral orientationRead MorePersonal, Cultural And Spiritual Values951 Words   |  4 Pagesvalues, then ethical dilemmas arise. Ethical dilemmas puts a nurse in a limbo as it is very hard to choose between what is right in the best interest of the patient. Own Personal, Cultural and Spiritual Values Considering being born in Africa in a Christian family, we were taught how to live according to the biblical morals. This has shaped me to be a professional caring nurse for my patients. Loving yourself then others is the biblical principal that guides my life. If I don`t love myselfRead MoreAnalysis Of Kamala Das s Projection Of Self Essay1441 Words   |  6 PagesTension and Moral Dilemma occupies an important place, position and appears to be the kernel of Kamala Das’s poetry. Kamala Das’s projection of self is the projection of tension and dilemma in her life. Her projection is biological, psychological, philosophical, confessional, self-expressive, self-recordative, self-explorative and self-realised. Her autobiography â€Å"My Story† is clearly projected in her poems and she is exception to others. Her tension of life and symbioses of opposites form theRead MoreMy Nursing Ethics Essay1398 Words   |  6 PagesRunning head: MY PROFESSIONAL MO RAL COMPASS My Professional Moral Compass Marie Panao NRS 437V-0103 December 1, 2012 My Professional Moral Compass The code of ethics is an important part of the nursing foundation where nurses are directed to practice with compassion and respect for human dignity, responsibility, accountability, confidentiality and patient safety (ANA

Technological Developments in Indian Banking Sector Essay Sample free essay sample

The beginning of Banking in the modern epoch is traced in Italy. Banking is a concern like any other concern. banking sector topographic point a important function in development of Indian Economy. So. Banks need to hold engineering to better their productiveness and efficiency. to supply faster and better services to the clients. Technology enables the Bankss to lend more for overall growing and development of the state. After Industrial Revolution. Financial establishments including Banks have used Information Technology to accomplish desired degree of efficiency and to maximise the profitableness. IT improves the front terminal operations with back terminal and helps in conveying down the dealing costs for the clients. Electronic Fund Transfer ( EFT ) . Automatic Teller Machines ( ATMs ) . Telephone Banking. Home Banking. Credit Card installation. Internet Banking etc. are most utile technological progresss for banking sector to function clients efficaciously now a yearss. So. the effectual usage of engineering has multiplier consequence on growing and development. We will write a custom essay sample on Technological Developments in Indian Banking Sector Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The bank of Venice. founded in 1157. was the first public banking Institution. The Bank of Barcelona and the Bank of Genoa wee established in 1401 and 1407 severally. The Banking companies Act-1949 of India defines bank as – â€Å"A Bank is a fiscal Institution which accepts money from the populace for the intent of loaning or Investment repayable on demand or otherwise backdown by checks. bill of exchanges or order or otherwise. † Technological Development in Banks After the industrial revolution. the information revolution has been hailed as the most important development in this state. Fiscal Institutions including Banks have used Information Technology to manage big volumes of concern with the coveted degree of efficiency and maximising profitabilility of operations. IT improves the front terminal operations with back terminal and helps in conveying down the dealing costs for the clients. Some of import events are Arrival of card-based payments – Debit. Credit Card late 1980 and 1990s. Introduction of Electronic glade Services ( ECS ) in late ninetiess. Introduction of Electronic Fund Transfer ( EFT ) in early 2000s. Introduction of RTGS in March 2004. Introduction of National Electronic Fund Transfer ( NEFT ) as a replacing to Electronic Fund Transfer/Special Electronic Fund Transfer in 2005/06. Computerization in BanksAmong the entire figure of Public Sector Bank subdivisions. 98 % are to the full computerized at the terminal March 2011. Table 1: Computerization in Public Sector Banks |Category |2007 |2008 |2009 |2010 |2011 | |Fully Computerized Branches ( % ) |85. 6 |93. 7 |95. 0 |97. 8 |98 | Automated Clearing House ( ACH )The ACH system is the primary Electronic Fundss Transfer ( EFT ) system used by bureaus to do payments. and the Financial Management service anticipates the bureaus progressively will utilize the ACH system to roll up financess. ACH processes big figure of Debit and Credit minutess in batches. National Automated Clearing House Association ( NACHA ) The National Automated Clearing House Association ( NACHA ) governs the Automated Clearing House ( ACH ) web. a system that allow Banks and Financial Institutions to treat direct debits. electronic checks and direct sedimentations. NACHA formulates concern patterns and runing regulations to maintain ACH and electronic banking secure. efficient and dependable. FEDACH is the Federal Reserve’s centralized application package used to treat ACH minutess. Electronic Clearing Service ( ECS ) ECS is an electronic manner of payment ; it facilitates bulk transportation of money from one Bank history to many Bank histories or Vice versa.There are two discrepancies of ECS- ECS Credit and ECS Debit. 1. ECS ( Credit ) : It is used for raising debits to a figure of histories of consumer/account holders for crediting a peculiar establishment. 2. ECS ( Debit ) : It is utile for payment of telephone. electricity. H2O measures. revenue enhancement aggregations. loan installment refunds etc. Table 2: European union minutess in Rs. Crores. |Item/Year |2008-09 |2009-10 |2010-11 |2011-12 | |ECS Credit |97. 487 |1. 17. 833 |1. 80. 000 |2. 51. 494 | |ECS Debit |66. 796 |69. 819 |70. 000 |80. 000 | National Electronic Fund Transfer ( NEFT )National Electronic Fund Transfer ( NEFT ) is an on-line system for reassigning financess of Indian Financial Institution ( particularly loans ) . This installation is used chiefly to reassign financess below Rs. 2. 00. 000/- . The NEFT system in India lives with consequence from 21st November 2005. Electronic Fund Transfer ( EFT ) Electronic Fund Transfer ( EFT ) is the electronic exchange. transportation of money from one history to another. either with a individual Financial Institution or across multiple Institutions. through computing machine based systems. Table3: EFT/NEFT minutess in Rs. Crores. |Item/Year |2008-09 |2009-10 |2010-11 |2011-12 | |EFT/NEFT |2. 51. 956 |4. 11. 088 |9. 40. 000 |17. 90. 000 | Card games MinutessDebit card is a fictile card which provides an alternate payment method for hard currency when doing minutess. Debit card is chiefly used for hard currency withdraw from ATM. at point of sale ( Pos ) . on the cyberspace for on-line purchase. paying measures etc. From first January2011. RBI declared that for every dealing with debit card on ATM user has to come in watchword. Table 4: Card based payment Transaction Value ( Rupees in Crores ) |Item/Year |2008-09 |2009-10 |2010-11 |2011-12 | |Credit Cards |61. 356 |62. 950 |80. 000 |1. 00. 000 | |Debit Cards |18. 547 |26. 566 |40. 000 |50. 000 | Automated Teller MachinesEven though ATM originally developed for hard currency dispenses. now it includes many other bank related maps like financess transfer. buying on-line merchandises. Train tickets reserves etc. Table 5: Growth in the ATM installing |Year |2007-08 |2008-09 |2009-10 |2010-11 | |No. of ATMs. |34. 547 |43. 651 |62. 600 |79. 000 | Real Time Gross Settlement ( RTGS )RTGS is financess transportation system where transportation of money or securities takes topographic point from on Bank to another on a existent clip and on gross footing. Once processed. payments are concluding and irrevokable. BANK Internet Bank cyberspace is a cyberspace based communicating web. It provides velocity of Financial Transactions. BANKNET is setup in 1991by the RBI. this is meant to ease transportation of inter-bank ( and inter –branches ) messages within India by Public Sector Banks who are members of this web. Mobile Banking: Mobile Banking ( besides known as M-Banking. mbanking. smsbanking etc. ) is a term used for executing balance cheques. history minutess. payments. recognition applications etc via nomadic device such as a Mobile or Personal Digital Assistant ( PDA ) . Decision Use of Technology in spread outing Banking is one of the cardinal focal point countries of Banks. IT helps for the Banks to supply better client service and to better their ain internal procedures. Efficient usage of engineering can cut down the personal interactions of clients with Banks has facilitated clip direction. By planing and offering simple. safe and unafraid engineering. Bankss reach at door measure of client with delight client satisfaction.

Scott Joplin Essays (298 words) - Music, Rags, Ragtime,

Scott Joplin In the late 1890's ; a craze for a new kind of music called ragtime swept the country off it's feet. Instant popularity of ragtime increased before the turn of the century. By 1910, the "ragtime" mania reached its peak in all elements of music: popular dance, theater, and movie music. Scott Joplin was a young black man that mastered and polish this subtle art. Born in Texarkana, Texas on November 29, 1868, Scott became facinated with the piano at an early age and was mentored by a old german teacher that took him in as a pupil. Scott's style of piano playing stress his smooth singing tone and subtle sense of rhythm. Scott has the tendency to turn melodic lines into delicate and but simple notes. Generally all of his pieces share the customary ragtime layout and composition of a pair of contrasting lines, each repeated and followed by the return to the first line, then a new section consisting of two or three repeated lines emerge and is usually subdominant. In Scott's piece the "Magnetic Rag". The reappearance of the orginal theme at the close of the piece, shares a shocking likeness to Beethoven's famous reoccuring "I am Death Theme". In the "Magnetic Rag", the return of the opening theme at the end of the piece creates a rondo-like structure with a scheme ABCDA, with the outer A section and the central C section stands in tonal harmony. This can be compared to his other famous pieces of work "Maple Leaf Rag" and "The Entertainer" which all exercise the reappearing theme that shows a tendency to round out by always returning to the home key. "Magnetic Rag" was the last piece that Scott completed. It was subtitled : syncopation classiques because of his wonderful blend of syncopation on every up-beat and mad-cow improvisations tailored to sound like European dance music that influenced early ragtime.