terms
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| Capitalism | an economic system in which employers, using privately owned capital goods, hire wage labor to produce commodities for the purpose of producing a profit.
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| Class | a group of people who share a common position in the economy with respect to the production and control of the surplus product.
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| Surplus Product | that part of the total output of an economy that is in excess of what is needed for reproducing and replenishing the labor, tools, materials and other inputs used or used up in production.
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| Class Relationship | exists between the producers of the total product, including the surplus product, and those who command the use of the surplus product.
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| Private Property | social institution that give individuals the right to use, lend or sell things such as land, buildings, intellectual creations.
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| Self-interest | economic man/ basis for neoclassical economics
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| Coordination by rules | takes place when interactions are governed by orders specifying precise behavior.
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| Coordination by command | takes place when interactions are governed by general principles of behavior
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| Coordination failure | occurs when markets or other types of coordination by rules fail to coordinate an economy in such a way as to produce outcomes that are desirable.
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| Labor Process | is any activity performed with the intention of producing something.
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| Technology | is the relationship between inputs and outputs in a labor process.
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| Economy | collection of labor processes
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| Production | a labor process whose output is a good or a service.
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| Reproduction | the re-production of people, child rearing and care giving.
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| Class society | one class lives off the labor of another class.
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| Exploitation | workers make the surplus value, but don’t control it
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| Class Struggle | the struggle for political and economic power carried on between capitalists and workers.
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| Private goods | machines, buildings, offices, tools and other durable things needed in production
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| Public goods | good or service that is provided without profit for society collectively
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| Business Cycle | circular flow of business that “always works itself out”
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| Accumulation | profit-driven investment, including the process of mobilizing, transforming, and exploiting the inputs required in capitalist production and then selling the output.
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| Middle Class | in capitalist society possess one but not both of the attributes of capitalists; they therefore stand between capitalists and workers. (they either own the capital goods in production, or control the labor of others, but not both).
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| Old Middle Class | consists of those who do own the capital goods used in their own labor processes but do not regularly control the labor of others; they are self-employed or are small business employers.
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| New Middle Class | consists of those who do not own the capital goods used in their own labor processes but who do regularly control the labor of others; it includes managers and supervisors.
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| Long swings | SSA Change occurs over period of 30-50 years.
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| Union density | The actual membership of a trade union as a percentage of the total possible membership
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| Real wages | wages evaluated with reference to their purchasing power rather than to the money actually paid (Inflation)
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| Dividends | are payments made to owners of shares of stock.
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| Interest | is paid to owners of corporate bonds, and to bankers who have provided direct loans.
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| Rent | is paid to owners of land, office space, office space or other buildings used by firms.
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| Retained Earnings | is the part of the total profit that is set aside by corporations for future investment or other purposes.
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| Investment | Spending money to make money spending money/ increase productive capacity and labor
productivity.
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| Economic Concentration | A measure of the degree to which a few large firms dominate total sales, production, or capacity within an industry or market.
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| Labor time | measures the number of hours worked; it does not measure how much work gets done, since there are many different levels of work effort possible.
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| piece rate | form of wage payment in which a worker is paid for each unit of output instead of for work time.
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| Labor Market | market in which workers sell their labor time (not work itself) in return for a wage
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| Cost of Job Loss (with formula) | loss of income a worker has as a result of quitting or being laid off from a job.
cjl = (ww – ui)(ud) ww is previous weekly wage, ui is unemployment insurance and ud is expected number of weeks duration of unemployment.
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| Unit Labor costs | The sum of all wages paid to employees, as well as the cost of employee benefits and payroll taxes paid by an employer.
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| Fall back Wage | wage at which an employee has no preference for keeping his or her current job as opposed to being fired or quitting; it varies with the employee’s income prospects in the absence of the current job.
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| Speedup | an effort by the employer to increase the pace of work
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| Deskilling | changing production process in such a way as to make it possible to employ workers with fewer skills
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| Simple control | focuses on the supervisors’ personal exercise of workplace rewards and sanctions to maintain the work pace.
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| Technical Control | incorporates a work pace designed into the machinery of production.
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| Bureaucratic control | uses job ladders, seniority rewards, and other organizational incentives in order to extract work from workers.
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| Productivity | The rate at which goods or services are produced especially output per unit of labor
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| Contract specifying work to be done | agreement between employer and worker that specifies payment for actual work activities instead of for work time.
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| Extraction of work from workers | the process of transcending the labor time that an employer has purchased into work done.
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| Incomplete labor contract | explicit or implicit, between an employer and a worker that is incomplete in the sense that is specifies the wage rate but does not specify the exact tasks to be performed or the amount of effort to be provided by the worker.
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| Unemployment Insurance | fraction of previous weekly wages paid to unemployed workers.
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| Social Structure of Accumulation | the institutional setting within which accumulation occurs; it structures:
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| Monopoly Capitalism | a capitalist system typified by trade monopolies in the hands of a few people.
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| Command Socialism | Central planning board makes decisions
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| Purchasing Power Parity | adjusting different countries based on what the income really buys. Exchange rates.
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| Mixed Economy | Some decisions made by government officials/planners Some made by people acting in markets
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| Managed Capitalism | government regulated capitalist markets.
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| De-commodification | Government provides basic necessities.
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| Worker Cooperative | enterprise or organization jointly owned or managed by those who use its facilities or services
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| Price competition | a form of or strategy in which firms attempt to attract customers primarily by offering lower prices.
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| Breakthrough | occurs when a firm discovers or develops a new method of doing business, such as a new way of organizing work, a new product, or a new market.
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| Monopoly Power | the ability of one or a few firms in an industry to exercise substantial control over the market price and other aspects of competition, usually by excluding other firms.
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| oligopoly (shared Monopoly) | a market situation in which several firms together , but no one firm by itself, can exercise substantial monopoly power
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