Cost-of-production theory of value

Thomas Robert Malthus (1766 – 1834) is a known as the prophet of population pessimism because of his theory about the population growth. He was the first economists that referred phenomena of economic crises as gluts. Although he was born in the prosperous family, his father Daniel Malthus preferred to educate him at home. When Malthus excelled in the studies of mathematics and literature, he continued his degree in Master’s of Art at Jesus College in Cambridge in 1791. He began to write his…

Thomas Hobbes and John Locke were two influential philosophers who discussed their different views on the state of nature and natural rights. For them and other thinkers, natural rights are rights that people have without any action by the government. For example, the right to liberty or the right to life are often argued to be natural rights. They both argued that even though natural rights do not have a clear philosophical foundation, they were granted by God. Also, on the state of nature,…

because it is the fastest flow of assets into cash in a normal business process, and fundamentally affects the cash flow Inventory turnover measures the conversion speed between inventory and sales and is defined by the average inventory divided by the cost of goods sold. Aristocrat 's inventory turnover of 8.42times is higher than the industrial average level, but there is only 1.99 times inventory turnover for Ainsworth. The low inventory turnover means that it may hinder the cash flow.…

Jensen and Meckling develop theory in different stages 1. Introduction 2. Analysis the agency cost 3. Question regarding the organization & examiner the role of united liability 4. Provide basic concept agency cost 5. Brief summary and conclusions. Introduction. This article has been written by Jensen and Meckling in October 1976. This study inspects the property rights, agency and financial progress a theory of the ownership structure of the firm. The authors highlight on new matter which…

and the market value is largely affected. Due to the globalization, the govern role has lessen which means more need for accountability. Crane and Matten (2007) Corporate governance has become an important factor in managing organizations in nowadays global and complex environment. Corporate governance a set of processes and structures for controlling and directing an organization. It consists with set of rules, which governs the relationships (Middle Eastern Finance and…

returns (Vance, 2015). Musk dedicates large sums of money towards creating production facilities. Making up for the equipment expenditure relied on profits made from the Tesla electric vehicles and investor confidence (Vance, 2015). The companies typically faced similar issues: while employee costs were low, equipment and material costs were extremely high (Vance, 2015). During failures, such as Tesla Motors Roadster model production process and the SpaceX Falcon 1 launch, Musk was burning…

The reason for this being that the implementation of a subsidy would allow firms to operate at a lower cost thus gain higher profit as it produces beyond the optimal output level. On the other hand, Consumers are also better off as a subsidy allows firms to lower prices but at the cost of the government incurring this widening wedge between marginal social and private cost using tax revenues. This gradually allows the government to change signals that price conveys in improving allocative…

three philosophical paradigms -- positivism, interpretivism, and critical theory. POSITIVISM Positivisim is philosophical paradigms in social sciences of which gives emphasisis on empirical data and scientific method to analyse them. It is regarded as an application of methods used in natural sciences. It further assumes that fact, values and truth can be distinguished and social world exist on regularities which theories can discover. From the end of the 1960, positivism became target of…

Introduction First, let’s talk about what supply and demand actually represents. Supply and demand is the theory explaining the collaboration among the supply of a resource and the demand for that resource. The theory that governs supply and demand defines the effect of availability of a particular product and the desire (or demand) for that product has on price. Normally, a low supply and a high demand increases price, and the greater the supply and the lower the demand, the lower the price…

have variety in producing a better built environment. The provision of services which includes detail designs, visualizations, specifications, energy calculations, cost planning, regulations consent application, need to be accomplished by consistent and legitimate standards. Although it may seem restricted and controlled as a production, the standards helps in maintaining the level of professionalism within the institution. There is a type…