Economics Dictionary of Arguments

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Production theory: Production theory in economics examines the processes and principles behind transforming inputs (like labor, capital, and resources) into outputs (goods or services). It explores factors influencing production efficiency, optimal resource allocation, technology's impact on output, and the relationships between inputs and outputs within various production frameworks, guiding decision-making for firms and industries.
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Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments.

 
Author Concept Summary/Quotes Sources

Karl Marx on Production Theory - Dictionary of Arguments

Kurz I 171
Production theory/Marx/Kurz: (…) Marx had made an important analytical advance over Smith and Ricardo in the analysis of the wage-profit relationship by recapturing the circularity aspect of production (which had been present in the physiocrats, but was somewhat lost by Smith and Ricardo).
Kurz I 175
„No capitalist ever voluntarily introduces a new method of production, no matter how much more productive it may be, and how much it may increase the rate of surplus-value, so long as it reduces the rate of profit. Yet every such new method of production cheapens the commodities.
Hence, the capitalist sells them originally above their prices of produc- tion, or, perhaps, above their value. He pockets the difference between their costs of production and the market-prices of the same commodities produced at higher costs of production. He can do this, because the average labour-time required socially for the production of these latter commodities is higher than the labour-time required for the new methods of production. His method of production stands above the social average. But competition makes it general and subject to the general law There follows a fall in the rate of profit - perhaps first in this sphere of production, and eventually it achieves a balance with the rest which is, therefore, wholly independent of the will of the capitalist.“ (Marx [1894] 1959, 264-265)(1)
>Rate of profit/Marx.


K. Marx. [1894] 1959. Capital. Vol. 3. Moscow: Progress Publishers.
Cf. https://www.marxists.org/archive/marx/works/1867-c1/ (21.11.2024)


Kurz, Heinz; Salvadori, Neri 2015. Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). London, UK: Routledge.


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Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments
The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.

Marx I
Karl Marx
Das Kapital, Kritik der politische Ökonomie Berlin 1957

Kurz I
Heinz D. Kurz
Neri Salvadori
Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). Routledge. London 2015


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