" The first well-known version of anarcho-capitalism was formulated by Austrian School economist and libertarian Murray Rothbard in the mid-twentieth century, synthesizing elements from the Austrian School of economics, classical liberalism, and nineteenth century American individualist anarchists Lysander Spooner and Benjamin Tucker ( rejecting their labor theory of value and the normative implications they derived from it ).

His labor theory of value influenced the thinking of Thomas Jefferson, who in turn shaped the way many nineteenth-century American homesteaders understood ownership of their farms.

Labor, not labor power, is the key factor of production for Marx and the basis for Marx's labor theory of value.

Human beings collectively work on nature but do not do the same work ; there is a division of labor in which people not only do different jobs, but according to Marxist theory, some people live from the work of others by owning the means of production.

Ricardian trade theory ordinarily assumes that the labor is the unique input.

Mutualism is based on a labor theory of value which holds that when labour or its product is sold, in exchange, it ought to receive goods or services embodying " the amount of labor necessary to produce an article of exactly similar and equal utility ".

However, " some mutualists have abandoned the labor theory of value, and prefer to avoid the term " socialist.

19th century individualist anarchists espoused the labor theory of value.

Some believe that the modern movement of anarcho-capitalism is the result of simply removing the labor theory of value from ideas of the 19th century American individualist anarchists: " Their successors today, such as Murray Rothbard, having abandoned the labor theory of value, describe themselves as anarcho-capitalists.

" As economic theory changed, the popularity of the labor theory of classical economics was superseded by the subjective theory of value of neo-classical economics.

Mutualism is based on a labor theory of value which holds that when labor or its product is sold, in exchange, it ought to receive goods or services embodying " the amount of labor necessary to produce an article of exactly similar and equal utility ".

However, Karl Marx never used the phrase " labor theory of value " to describe his theory of value, but instead made reference to a law of value, which is not to be confused with the classical economics concept of labor theory of price.

In 1825, the Boston house carpenters' strike for a ten-hour day was denounced by the organized employers, who declared: `` It is considered that all combinations by any classes of citizens intended to effect the value of labor tend to convert all its branches into monopolies ''.

`` Without any officious and improper interference on the subject, the price of labor or the wages of mechanics will be regulated by the demand for the manufactured article and the value of that which is paid for it ; ;

Moreover, those failing to do their duty are expected to make up planting requirements, provide funds equivalent to the value of labor required or pay heavy fines.

The lifetime cost is composed of materials, labor, machinery, engineering, cost of money, insurance, maintenance, refurbishment, and ultimately, demolition and associated disposal, recycling, and replacement, less the value of scrap and reuse of components.

The advantage of such a system lies in its ability to expand its own capacity rapidly and without additional human effort ; in essence, the initial investment required to construct the first clanking replicator would have an arbitrarily large payoff with no additional labor cost, with future returns discounted by their present value.

The rabbis recognize a positive value to the yetzer hara: one tradition identifies it with the observation on the last day of creation that God's accomplishment was " very good " ( God's work on the preceding days was just described as " good ") and explain that without the yetzer ha ' ra there would be no marriage, children, commerce or other fruits of human labor ; the implication is that yetzer ha ' tov and yetzer ha ' ra are best understood not as moral categories of good and evil but as selfless versus selfish orientations, either of which used rightly can serve God's will.

Census officials traveled throughout the Empire, assessed the value of labor and land for each landowner, and joined the landowners ' totals together to make city-wide totals of capita and iuga.

:* Always give people fair value for their labor or product.

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.

" They argue that the Stolper-Samuelson theorem is " dead " because following trade liberalization in some developing countries ( particularly in Latin America ), wage inequality rose and, under the assumption that these countries are labor abundant, the SS theorem predicts, they argue, that wage inequality should have fallen.

Anyone familiar with the details of the McClellan hearings must at once realize that the sweetheart arrangements augmented employer profits far more than they augmented the earnings of the corruptible labor leaders.

In economics, " factor income " is the return accruing for a person, or a nation, derived from the " factors of production ": rental income, wages generated by labor, the interest created by capital, and profits from entrepreneurial ventures.

The reducciones, where the Jesuits sponsored orchestras, musical ensembles and actors ' troupes, and in which virtually all the profits derived from Indian labor were distributed to the laborers, earned praise from some of the leading lights of the French enlightenment, who were not predisposed to favor Jesuits.

The AED policy increased the concentration of land ownership among cattle ranchers and urban industrialists, whose businesses expanded their profits as a result of reductions in the cost of labor wages after the influx of thousands of displaced peasants into the cities.

The weighted average annual profits generated by a slave in 2007 was $ 3, 175, with a low of an average $ 950 for bonded labor and $ 29, 210 for a trafficked sex slave.

The US economic contraction in 1937, the last gasp of the Great Depression, is blamed on tightening of monetary policy by the Federal Reserve resulting in a higher cost of capital and weaker securities markets, a reduced net government contribution to income, the undistributed profits tax, and higher labor costs.

Historically income tax was not levied on an individuals ' industry or labor but rather on profits realized by title holders of real estate.

The Atlantic Slave Trade was the result of, among other things, labor shortage, itself in turn created by the desire of European colonists to exploit New World land and resources for capital profits.

Modern New Keynesian models address this issue by assuming that the labor market is segmented, so that the expansion in employment by a given firm does not lead to lower profits for the other firms ( see Woodford 2003 ).

Since the necessary Negro labor, farming implements, and mules were provided by the army, lessees were responsible only for feeding and clothing the Negroes until the harvest, when they paid off their obligations to the army and to the laborers, Yearly expenses ran between $ 5, 000 and $ 30, 000 on a plantation of a thousand acres, while profits might run higher than $ 200, 000.

Some lessees realized up to $ 80, 000 profits, paid their labor nothing, and then boasted of their ability to swindle the Negro.

Their demise is often cited as one of the most prominent examples of the U. S. economy's shift away from industrial manufacturing, its inability to compete with cheap foreign labor, and management's penchant for short-term profits.

Import marketers may make short run profits from cheaper overseas labor and currency mainly in wealth consuming sectors at the long run expense of an economy's wealth producing sectors straining the home county's tax base, income growth, and increasing the debt burden.

Industrial society makes urbanization desirable, in part so that workers can be closer to centers of production, and the service industry can provide labor to workers and those that benefit financially from them, in exchange for a piece of production profits with which they can buy goods.

In addition, in 10, Wang also instituted an unprecedented tax — the income tax -- at the rate of 10 percent of profits, for professionals and skilled labor.

Oil companies were forced to cede to the demands of labor unions and were no longer entitled to make larger profits than the Venezuelan government.

Unless certain countervailing possibilities are available, the exponential growth of capital out-paces the growth in labor productivity, so the profits of economic activity have to be shared out more thinly among capitals, i. e., at a lower profit rate.

The use of capital in the GDP-measure is considered to be as valuable as the production ’ s ability to pay taxes, profits and labor compensation.

Before his takeover of Eastern was completed, his efforts to build a sustainable, profitable airline model were criticized, with opponents saying his companies ' profits were earned " on the backs of broken labor contracts, extremely low wages and harsh work rules.

Schnaiberg's political capitalism, otherwise known as the ' treadmill of production ,' is a model of conflict as well as cooperation between three abstracted groups: the state, capital ( exclusively monopoly capital with its larger fixed costs and thus larger pressures for ongoing expansion of profits to justify more fixed costs ), and ( organized ) labor.

Marxists and socialists who advocate socialism argue that welfare states and ( modern ) social democratic policies limit the incentive system of the market by providing things such as minimum wages, unemployment insurance, taxing profits and reducing the reserve army of labor, resulting in capitalists have little incentive to invest ; in essence, social welfare policies cripple the capitalist system and its incentive system, the only solution being a socialist economic system.

In practice, the collective farm that emerged after Stalin ’ s collectivization campaign did not have many characteristics of a true cooperative, except joint ownership of non-land assets by the members ( the land in the Soviet Union was nationalized in 1917 ) and remuneration in proportion to labor and not capital from residual profits.

Given the assumptions of the model ( for example, that the profits are reinvested and that capital accumulation does not substitute for skilled labor in production ), the process becomes self-sustaining and leads to modernization and economic development.

They argue that government should in turn attempt to align the interests of those pursuing profits with the interests of the labor in order to produce societal advantages for the majority of society.