Political economy in the context of "Exchange value"

The Economist is a British news and current affairs journal published in a weekly print magazine format and daily on digital platforms. Variously referred to as a magazine and a newspaper, it publishes stories on topics that include economics, business, geopolitics, technology and culture. Mostly written and edited in London, it has other editorial offices in the United States and in major cities in continental Europe, Asia, and the Middle East. The publication prominently features data journalism, and has a focus on interpretive analysis over original reporting, to both criticism and acclaim.

Founded in 1843, The Economist was first circulated by Scottish economist James Wilson to muster support for abolishing the British Corn Laws (1815–1846), a system of import tariffs. Over time, the newspaper's coverage expanded further into political economy and eventually began running articles on current events, finance, commerce, and British politics. Throughout the mid-to-late 20th century, it greatly expanded its layout and format, adding opinion columns, special reports, political cartoons, reader letters, cover stories, art critique, book reviews, and technology features. The paper is recognisable by its fire engine red masthead (nameplate) and illustrated, topical covers. Individual articles are written anonymously, with no byline, in order for the paper to speak as one collective voice. It is supplemented by its sister lifestyle magazine, 1843, and a variety of podcasts, films, and books. It is considered a newspaper of record in the UK.

Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, rent, sell, exchange, transfer, give away, or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it under the granted property rights.

In economics and political economy, there are three broad forms of property: private property, public property, and collective property (or cooperative property). Property may be jointly owned by more than one party equally or unequally, or according to simple or complex agreements; to distinguish ownership and easement from rent, there is an expectation that each party's will with regard to the property be clearly defined and unconditional.. The parties may expect their wills to be unanimous, or alternatively each may expect their own will to be sufficient when no opportunity for dispute exists.

Maximilian Carl Emil Weber (/ˈveɪbər/; German: [ˈveːbɐ] ; 21 April 1864 – 14 June 1920) was a German sociologist, historian, jurist, and political economist who was one of the central figures in the development of sociology and the social sciences more generally. His ideas continue to influence social theory and research.

Born in Erfurt in 1864, Weber studied law and history in Berlin, Göttingen, and Heidelberg. After earning his doctorate in law in 1889 and habilitation in 1891, he taught in Berlin, Freiburg, and Heidelberg. He married his cousin Marianne Schnitger two years later. In 1897, he had a breakdown after his father died following an argument. Weber ceased teaching and travelled until the early 1900s. He recovered and wrote The Protestant Ethic and the Spirit of Capitalism. During the First World War, he initially supported Germany's war effort but became critical of it and supported democratisation. He also gave the lectures "Science as a Vocation" and "Politics as a Vocation". After the war, Weber co-founded the German Democratic Party, unsuccessfully ran for office, and advised the drafting of the Weimar Constitution. Becoming frustrated with politics, he resumed teaching in Vienna and Munich. He died of pneumonia in 1920 at the age of 56, possibly as a result of the post-war Spanish flu pandemic. A book, Economy and Society, was left unfinished.

Area studies, also known as regional studies, is an interdisciplinary field of research and scholarship pertaining to particular geographical, national/federal, or cultural regions. The term exists primarily as a general description for what are, in the practice of scholarship, many heterogeneous fields of research, encompassing both the social sciences and the humanities. Typical area study programs involve international relations, strategic studies, history, anthropology, political science, political economy, cultural studies, languages, geography, literature, and other related disciplines. In contrast to cultural studies, area studies often include diaspora and emigration from the area.

Classical economics, also known as the classical school of economics, or classical political economy, is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. It includes both the Smithian and Ricardian schools. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the invisible hand).

Adam Smith's The Wealth of Nations in 1776 is usually considered to mark the beginning of classical economics. The fundamental message in Smith's book was that the wealth of any nation was determined not by the gold in the monarch's coffers, but by its national income. This income was in turn based on the labor of its inhabitants, organized efficiently by the division of labour and the use of accumulated capital, which became one of classical economics' central concepts.

Use value (German: Gebrauchswert; Nutzwert) or value in use is a concept in classical political economy and Marxist economics. It refers to the tangible features of a commodity (a tradeable object) which can satisfy some human requirement, want or need, or which serves a useful purpose. For Karl Marx's critique of political economy, any commodity has a value and a use-value — the former manifestly appearing as exchange-value in any exchange-relation in which bearers of commodities mutually alienate and appropriate each-others commodities on the market, it's foremost the proportion in which any commodity is exchangeable for any commodities, its form as the money form within money economies.

Marx acknowledges that commodities being traded also have a general utility, implied by the fact that people want them, but he argues that this by itself says nothing about the specific character of the economy in which they are produced and sold.

Capital: A Critique of Political Economy (German: Das Kapital. Kritik der politischen Ökonomie), also known as Das Kapital (German: [das kapiˈtaːl]), is a foundational theoretical text in Marxist philosophy, economics, and politics by Karl Marx. His magnum opus, the work is a critical analysis of political economy, meant to reveal the economic patterns underpinning the capitalist mode of production. Das Kapital is in three volumes, of which only the first was published in Marx's lifetime (1867); the others were completed from his notes and published by his collaborator Friedrich Engels in 1885 and 1894.

The central argument of Das Kapital is that the motivating force of capitalism is in the exploitation of labour, whose unpaid work is the ultimate source of surplus value and profit. Beginning with an analysis of the commodity, Marx argues that the capitalist mode of production is a historically specific system where social relations are mediated by commodity exchange. He posits a labour theory of value, contending that the economic value of a commodity is determined by the socially necessary labour time required for its production. Under this system, the worker's capacity to labour (their labour power) is sold as a commodity, but its use-value—the ability to create new value—is greater than its exchange-value (the wage), allowing the capitalist to extract surplus value. This process drives capital accumulation, which in turn fosters technological change, the creation of a reserve army of labour, and a long-term tendency of the rate of profit to fall, leading to economic crises and intensifying class conflict.

Adam Smith (baptised 16 June [O.S. 5 June] 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the field of political economy and key figure during the Scottish Enlightenment. Seen by many as the "father of economics" or the "father of capitalism", he is primarily known for two classic works: The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, often abbreviated as The Wealth of Nations, is regarded as his magnum opus, marking the inception of modern economic scholarship as a comprehensive system and an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of divine will and instead appeals to natural, political, social, economic, legal, environmental and technological factors, as well as the interactions among them. The work is notable for its contribution to economic theory, particularly in its exposition of concept of absolute advantage.

Born in Kirkcaldy, Fife, Smith studied social philosophy at the University of Glasgow and at the University of Oxford, where he was one of the first students to benefit from scholarships set up by John Snell. Following his graduation, he delivered a successful series of public lectures at the University of Edinburgh, that met with acclaim. This led to a collaboration with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow, where he taught moral philosophy. During this period, he wrote and published The Theory of Moral Sentiments. Subsequently, he assumed a tutoring position that facilitated travel throughout Europe, where he encountered intellectual figures of his era.

Labour power (German: Arbeitskraft; French: force de travail) is the capacity to work, a key concept used by Karl Marx in his critique of capitalist political economy. Marx distinguished between the capacity to do the work, i.e. labour power, and the physical act of working, i.e. labour. Human labour power exists in any kind of society, but on what terms it is traded or combined with means of production to produce goods and services has historically varied greatly.

The general idea of labour-power had existed previously in classical political economy. Adam Smith's The Wealth of Nations and David Ricardo's On the Principles of Political Economy and Taxation already referred to the "productive powers of labour". However, Marx made the concept much more precise, critically examining the functions of labour-power in production, how labour-power is used, organized and exploited, and how it is typically valued and priced in bourgeois society.