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value
value in economics, worth of a commodity in terms of other commodities, or in terms of money (see price ). Value depends on both desirability and scarcity. The marginal theory of value, pioneered in the late 19th cent. by Leon Walras , Stanley Jevons , and Carl Menger , has been highly influent...
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David Ricardo
David Ricardo 1772-1823, British economist, of Dutch-Jewish parentage. At the age of 20 he entered business as a stockbroker and was so skillful in the management of his affairs that within five years he had amassed a huge fortune. He then turned much of his attention to scientific topics, and in 1...
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Émile Durkheim
Émile Durkheim , 1858-1917, French sociologist. Along with Max Weber he is considered one of the chief founders of modern sociology. Educated in France and Germany, Durkheim taught social science at the Univ. of Bordeaux and the Sorbonne. His view that the methods of natural science can be ...
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wages
wages payment received by an employee in exchange for labor. It may be in goods or services but is customarily in money. The term in a broad sense refers to what is received in any way for labor, but wages usually refer to payments to workers who are paid by the hour, in contrast to a salary, whi...
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Planck's constant
Planck's constant , fundamental constant of the quantum theory . It is represented by the letter h and has a value of 6.63 × 10 -34 J-sec. The combination h /2π, denoted by h (called "h-bar" ), occurs frequently.
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Ralph Barton Perry
Ralph Barton Perry 1876-1957, American realist philosopher, b. Poultney, Vt., grad. Princeton (B.A., 1896) and Harvard (Ph.D., 1899). He taught at Harvard from 1902, becoming professor of philosophy in 1913 and professor emeritus in 1946. He revised (1925) Alfred Weber's History of Philosophy. Ed...
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William Stanley Jevons
William Stanley Jevons , 1835-82, English economist and logician. After working in Australia as assayer to the mint, he taught at Owens College, Manchester, and University College, London. His major contribution to economics was his marginal utility theory of value; Jevons held that value was determ...
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Marxism
Marxism economic and political philosophy named for Karl Marx . It is also known as scientific (as opposed to utopian) socialism. Marxism has had a profound impact on contemporary culture; modern communism is based on it, and most modern socialist theories derive from it (see socialism ). It ha...
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Bernard Bosanquet
Bernard Bosanquet , 1848-1923, English philosopher, educated at Oxford. He lectured there (1871-81) and at St. Andrews (1903-8). His major works include A History of Aesthetic (1892), The Philosophical Theory of the State (1899), and The Value and Destiny of the Individual (1913). They exempli...
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distribution
distribution in economics, the allocation of a society's total wealth among various economic groups. Distribution, in that sense, does not refer to the physical marketing or circulation of goods, which is part of the process of exchange, but to the relative well-being and economic wealth of perso...
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