6 simple and advanced reproduction. Factors of production
REPRODUCTION AND ITS PHASES
Concept of reproduction. Simple and extended reproduction
Reproduction˗ is a continuously repeating, self-renewing production process.
Capital˗ this is a self-increasing value (value that brings surplus value).
Surplus value˗ is the excess over the originally advanced cost.
There are simple and extended reproduction. Simple reproduction occurs when the volume of production is renewed from year to year on an unchanged scale. With simple reproduction, all newly created value goes to the personal needs of the owner of the means of production. Factors of production also do not change.
Let's look at an example. Let there be capital (K) of $1500, of which $1000 ˗ material costs (MH: depreciation, raw materials, electricity, etc.), $500 ˗ necessary product (NP). With the rate of surplus product (PP ") equal to, for example, 100%, by the end of the first year a product of $2000 will be received:
From the proceeds from the sale of goods of $2,000, the owner of the means of production will buy on the market all the necessary means of production for $1,000 (means and objects of labor consumed in the production process) and he will spend $500 on hiring labor (i.e., pay workers wages ). A worker, participating in the production process, simultaneously with the necessary product, creates a surplus product ($500 PP), which, with simple reproduction, is completely spent on the personal needs of the owner of the means of production.
By connecting the means of production and labor under the same conditions ( 
), V next year the entrepreneur receives a new product again in the amount of $2000, which is the same amount as before.
Second year:
Third year:
Thus, the repetition of simple reproduction after a certain period of time transforms surplus value into accumulated capital. For example, if a manufacturer needs, for example, $1,000 annually for personal consumption, then if he had $10,000, he would completely spend it in 10 years. If he turned this money into capital, which will annually produce surplus value (profit) of $1000, then in 10 years he will spend the same $10,000 on personal needs, but will continue to be able to consume material goods worth $10,000 per year. year. All this will happen because during the production process the advanced capital value is reproduced and preserved in the product created.
Expanded reproduction occurs when the scale of production increases in each subsequent year. The source of expanded reproduction is accumulation, which is carried out at the expense of surplus product, which is divided into two parts:
Ø one part goes to accumulation (expansion of production) and is called capital˗ it is capitalized surplus value;
Ø the other part goes to the personal needs of the owner of the means of production and is called income.
Since reproduction occurs on an expanded scale, the capitalized part of the surplus value is spent both on increasing material costs, and the necessary product, that is, the factors of production change (and only in a strictly defined proportion). Since the source of expansion is the surplus product, therefore, all of it cannot go into personal consumption (as in simple reproduction).
Let's look at an example. Let there be a capital of $10,000, of which $8,000 ˗ MH (constant capital), $2,000 ˗ necessary product (variable capital). At 
by the end of the year, a product worth $12,000 will be created:
If an entrepreneur decides to expand his capital, then he will have to divide (divide arbitrarily) the surplus product into capital (let's say $1000) and income ($1000). The capitalized part of the surplus product (capital), at the same technical level of production, will be spent in the same proportion (4:1) as the functioning capital ( 
), that is, out of $1000: $800 will go to increase constant capital (MC) and $200 ˗ to increase variable capital (VC).
With the same rate of surplus product (SP"), the increased capital will produce goods worth $13,200:
Second year:
Thus, expanded reproduction increased the created product by 10%.
Constant capital˗ this is that part of capital that does not change its value during the production process. It includes the monetary value of industrial buildings, equipment, raw materials, auxiliary materials, that is, all necessary means of production).
Variable capital˗ this is the part of capital that changes during the production process and increases by the amount of surplus value. Variable capital is the entrepreneur's expenses for the purchase of labor.
Reproductive cycle
The reproductive cycle is presented as a closed four-link diagram:
production → distribution → exchange → consumption
Simple reproduction
Marx considers simple reproduction in Chapter 20 of Volume II of Capital, which bears the same title. The object of analysis is the total social product (hereinafter SOP), which Marx considers simultaneously in both natural and value form. In physical form, that is, depending on the use value (purpose), Marx distinguishes two divisions (below denoted by Roman numerals I And II):
§ Division I- production of means of production;
§ Division II- production of consumer goods.
SOP in value terms is equal to the sum of the production costs of all enterprises, which is decomposed into components according to cost formula
The ratio of the numbers selected by Marx for c, v And m, not by chance. In previous chapters Marx introduces the categories
§ (c : v), reflecting technical equipment, and
§ norms of surplus value (m : v), reflecting the degree of exploitation.
Numerical coefficients for this example selected so that for each of the divisions
| c : v | = | 4:1, and |
| m : v = m′ | = | 100 % |
The task of this model is to find conditions for implementing SOP. In this formulation, it is conditionally assumed that there are no: incoming and outgoing balances at the beginning and end of the period, the absence foreign trade, losses, as well as price stability (guaranteed by gold as a measure of value). Money mediates all acts of purchase and sale of goods in a given market, however, when consolidating the results for each of the two macro-divisions (I - means of production, II - personal consumption items), transactions made “within” each of them do not lead to the output of the corresponding money supply outside the industry.
In other words, equality of supply and demand is conditionally assumed: for means of production - within division I, and for consumer goods - within division II. The money spent by the capitalists of Division II to pay wages workers are returned to them when they sell consumer goods to the workers. The expenses of the capitalists of the first division for the renovation of means of production are covered from the proceeds from the sales of their productive products.
Thus, the condition for the equivalence of intersectoral exchange in the implementation of SOP is expressed by the formula I v+I m= II With , or, in traditional writing:
| I ( v + m) = II With |
that is, in intersectoral exchange the demand for elements of constant capital ( c) on the part of producers of consumer goods (II) is balanced by the counter demand for subsistence presented by workers ( v) and capitalists ( m), engaged in the production of means of production (I).
This formula expresses law of simple reproduction of social capital(also law of movement of social capital during simple reproduction, the first law of reproduction and circulation of social capital:
simple production can be carried out if v + m I divisions equal c II divisions
Let us denote the total amounts for each division by I W= 6000 and II W = 3000.
The second law of reproduction and circulation of social capital expressed by the formula:
This formula can also be derived by substituting values from the exchange formula I (v + m) = II c, and logically: all newly created means of production must be consumed, and the demand for them is presented only by the capitalists themselves.
The above formulas do not exhaust the content of Chapter 20 of Volume II of Capital; Marx examines each of these equations in even more depth, illustrating auxiliary equations the course and causal sequence of stages of exchange within divisions and between them. At the end of the chapter, Marx pays attention to the analysis of the statement of the first Russian political economist, vice-president of the St. Petersburg Academy of Sciences, academician A.K. Storch, that “the products that constitute the capital of the nation are not subject to consumption.”
Expanded reproduction
The 21st chapter of volume II of “Capital” - “Accumulation and expanded reproduction” is devoted to expanded reproduction.
The system of equations of simple reproduction states that all surplus value m capitalists spend on themselves, that is, they spend (like workers) everything they receive only for personal needs: the entire amount I (v + m) goes entirely into II subdivision. This is not a distortion of reality in order to denigrate the ruling class, but historical fact: V ancient history For each civilization, we can indicate centuries-old epochs, during which the level productive forces practically did not change, that is, almost the entire surplus product was spent on unproductive purposes, including personal consumption and collective consumption of the superstructure of society. Productive consumption of surplus product in those eras also occurs predominantly in an extensive way - for example, the development of new agricultural land to feed a growing population.
Modern history knows other examples: contrary to the requirements of the law of simple reproduction, capitalists can direct not only surplus value to personal consumption m, and not only part v(payment to workers below the subsistence level), but also part c- sinking fund. Facilities " c» classic capitalist from Marx's schemes must spend on major repairs and replacement of equipment. Otherwise, he “will not reproduce himself as a capitalist”: the moment will come when his outdated and unusable productive capital will be reset to zero. Practiced for the sake of maximizing private capitalist profits, saving on the repair and maintenance of fixed capital, systematic operation of equipment on elevated modes(acceleration of physical depreciation versus normative) ultimately lead to disasters with numerous casualties.
In the theory of expanded reproduction, Marx postulates an immutable law: if a capitalist wants to systematically increase his turnover, expand his production, then the only source of this expansion can only be surplus value m. Only by moderating his personal consumption can the capitalist obtain resources that, having been invested in the acquisition of new means of production and the hiring of new labor, will turn out for him in the following stages production cycle increased influx of surplus value. This is illustrated by the following modification of the 1st line of the original system of equations:
So, Marx conventionally believes that the capitalist cuts his personal expenses by half (a formal intersection with Senior’s “abstinence theory”). At the same time, in the ratio determined by the previously specified indicator organic composition of capital:
In § 3 of Chapter 21 of “Capital” - “Schematic representation of accumulation” - Marx explores, in addition, the possibility of expanded reproduction with I (v + m) = II With. At the same time, the movement of parts of capital within divisions and between them is considered step by step, with many intermediate equations. Omitting them to simplify the presentation, we present the formulas and digital coefficients of the final state of both divisions at the end of the first “annual” cycle of expanded reproduction:
| I. | 4400 c | + | 1100 v | + | 1100 m | = | |
| II. | 1600 c | + | 800 v | + | 800 m | = |
Comparing this system of equations with a similar one given above for the case of simple reproduction, it is clear that, on the one hand, the total social product ( W I + W II) increased (9000→9800), but this was achieved, among other things, at the cost of a relative decrease in production and labor resources, employed in II division: 2000 + 1000 = 3000 with simple and 1500 + 750 = 2250 with expanded reproduction (brought to 1600 + 800 = 2400 by the beginning of the next “year”). It cannot be otherwise: after all, at the very beginning of the cycle there was a reduction in demand for consumer goods corresponding to production capacity were inactive, and thus the total output in these industries decreased.
Thus, from Marx’s schemes it follows that if the capitalist’s “abstinence” creates a resource prerequisite for expanded reproduction, then it is not the only one, and in terms of its macroeconomic consequences, it is not the most big sacrifice, brought by society, to everyone national economy on the altar of accelerated industrialization. Historical experience shows that from the time of enclosures in England and ending with the years of industrialization of the USSR, the agro-industrial sector was forced to become the first source from which the country’s economy as a single, interconnected whole could draw resources for renewal and expansion I divisions, production of means of production. To achieve the goal, the main recipient of these resources in I the division should be producers of “means of production for the production of means of production,” that is, those whose product circulates within this sector. back side- a temporary shortage of equipment in agriculture, a relative decrease in the rate of production of means of production for the production of consumer goods - an inevitable tribute. Industrialization brings later known time a sharp increase in everything total product, and even despite the relative lag, the absolute increase II units may turn out to be larger than with the sluggish pace of industrial renewal, while maintaining a full balance of exchange with the agricultural sector. It should be emphasized here that all these schemes assume the presence of a completely self-sufficient economy and the absence of any inflows of resources from outside (colonies, loans, etc.).
Production is the material basis in the life of society. People must have food, housing and other vital goods for consumption. Nature, with few exceptions, does not provide people with the goods of life ready for consumption - they need to be produced.
Production is not the only factor that determines the wealth of countries and peoples. On economic development are influenced by natural resources, climate, natural fertility of the land, knowledge and experience accumulated by people, population size and other factors. However, society can obtain a certain result only if it uses the effect inherent in these factors in the production process.
Under production understands the process of human influence on objects and forces of nature and their adaptation to satisfy certain needs. Three components interact in it: human labor power, objects of labor and means of labor.
Production cannot be imagined as a mechanical connection of its elements. This is a complex system of interaction between labor and the means of production, i.e. with its material basis. The methods of combining production factors determine the system of production relations prevailing in society. The content of production relations is determined by the level of development of the productive forces, and the nature of their manifestation is determined by the way the worker connects with the means of production, i.e. relations of ownership of the means of production.
The structure of public production. Depending on the level of development of the community. needs and a wide range of resp. them vital benefits and services in general. production is divided into: tangible and intangible.
Material production form various branches of industry, construction, and agriculture, in which material wealth is created on the basis of various substances and forces of nature. It also includes transport, trade, utilities and consumer services that provide material goods. services.
Intangible production form health care, education, science, culture, art, where labor non-maters find themselves. services and spiritual values are created. In its composition special place occupies spiritual leadership. This is the source of the spiritual qualities of people, their high general image. level, broad cultural and scientific-technical. outlook. In some cases, spiritual pr-in, like all nemater. production is considered a non-productive activity, and labor in these areas is considered unproductive.
In modern conditions in economic developed countries The spheres of education, science, computer science, and services are widely developed. They employ the predominant part of the amateur population. Workers mother. spheres are participating less and less in production technology. processes, they mainly perform creative functions in the design of new products, automation, etc.
Phases of social production:
Production - This is the process of creating material and spiritual goods necessary for human existence and development.
Distribution - This is the process of determining the share, quantity, proportion in which each economic entity participates in the produced product.
Exchange - this is the process of movement of material goods and services from one subject to another and a form of social connection between producers and consumers, mediating social metabolism.
Consumption - it is the process of using the results of production to satisfy certain needs.
These 4 processes do not exist outside of their interacting unity. Production and consumption are the starting and ending points of product movement. Primacy in this unity belongs to production, because only what has been produced can be distributed, exchanged and consumed.
Production, acting as a continuous process of its renewal, repetition and continuation, is reproduction.
Reproduction– a continuous process of resumption of production. Constant renewal of labor and means of production, as well as natural resources means the reproduction of productive forces. Along with them, the corresponding relations of production between people.
There is a distinction between simple and extended reproduction.
Types of reproduction:
Simple reproduction– the dimensions of the produced product remain qualitatively unchanged. Factors of production do not change. All surplus product is used by the producers themselves for personal consumption. Simple reproduction is the starting point and component extended playback
Expanded reproduction– production volume increases, quality improves. Factors of production remain unchanged. Source of expansion - surplus product
Pre-capitalist formations were mainly characterized by simple reproduction. In subsequent ones, expanded reproduction dominates
In order for production to be carried out continuously, all its factors that form production must always be available. forces of society. FACTORS OF REPRODUCTION:
- playback slave. strength, people, i.e. personal factor.
1) restoration of economic efficiency. active population;
2) continuous growth of qualifications, scientific, technical, and general cultural level of workers;
3) reproduction of the person himself, new generations of people, their upbringing and specialties. prof. preparation for work;
4) the continuous arrival of new generations of workers into the production to replace those leaving.
- reproduction of production means
1) repair and replacement of buildings, structures, machines, machines that gradually wear out in production processes;
2) restoration of carry-over stocks that are completely consumed when creating new products, raw materials, materials, etc.
Reproduction of industrial and social infrastructure, especially scientific support. pr-va and all other spheres of society.
All elements are manufactured. forces must be reproduced in certain proportions and only then the process is general. water will flow continuously and efficiently.
Simple reproduction is a repetition of the production process on an unchanged scale. In this case, all surplus value is consumed unproductively, i.e. entirely goes into the personal consumption fund of the capitalist class and is not converted into additional capital. Simple reproduction is not typical for capitalism. But simple reproduction always constitutes a moment of expanded reproduction. Consequently, simple reproduction can be considered in itself, since it is a real fact.
The main condition for the realization of a social product during simple reproduction is compliance with the following proportion: І (v + m)= II c, which establishes that the sum of the annual incomes of workers and capitalists of the 1st division must be equal to the constant capital of the 2nd division consumed per year.
From the main condition for the realization of a social product during simple reproduction, the second condition follows. Since the products of division I in kind consist of means of production and can only be consumed productively, all of it is used to replace the constant capital of divisions I and II spent in the past year. Consequently, with simple reproduction, the sum of the products of division I must be equal to the sum of the constant capitals of divisions I and II, i.e. І (c + v + m) = Іc + IIc.
The third condition also follows from the main condition of implementation. Since the products of division II consist of consumer goods intended to satisfy the personal needs of workers and capitalists of divisions I and II, then with simple reproduction the sum of the products of division II must be equal to the sum of variable capital and surplus value of both divisions (national income), i.e. ІІ (c + v + m) = І (v+ m) + ІІ (v+ m).
Thus, the conditions for the realization of a social product during simple reproduction are as follows:
І (v+m)= II c
І (c + v + m)= Іc + ІІc
ІІ (c + v + m) = І (v+m) + ІІ (v+m)
Expanded reproduction is the resumption of the production process on an increased scale. In this case, part of the surplus value is converted into additional constant and variable capital. The source of expanded reproduction is the accumulation of capital, and the source of accumulation is surplus value.
Thus, the main condition for the realization of a social product during expanded reproduction is that the sum of variable capital and surplus value of division 1 must be greater than the constant capital of division 2 consumed per year, i.e. І (v + m) > II c.
From the main condition follows the second condition for the implementation of the social product during expanded reproduction: the products of the first division must be more than the amount of constant capital consumed in the previous year in divisions I and II, i.e. І (c + v + m) > Іc + IIc. This means that division I must produce such an additional quantity of means of production that could ensure an increase in constant capital in both divisions I and II next year.
From the main condition for implementation with expanded reproduction, the third condition for the implementation of the social product also follows: with expanded reproduction, the national income of society must be greater than the cost of production of division 2, i.e. ІІ (c + v + m) < І (v+ m) + ІІ (v+ m). This means that the national income created in branches 1 and 2 of divisions of social production during expanded reproduction does not completely go to the personal consumption fund - part of it is directed to increasing constant capital in both divisions.
Thus, the conditions for the realization of a social product during expanded reproduction are as follows:
І (v + m) > II c
І (c + v + m) > Іc + IIc
ІІ (c + v + m) < І (v+ m) + ІІ (v+ m)
3.National income: the essence of national income under capitalism.
The theory of national income is entirely based on the theory of value (cost) and the doctrine of the reproduction of the social product. Since the version of political economy being studied is based on the labor theory of value and the doctrine of surplus value by K. Marx, it follows that the theory of “national income” should be considered in the context of the initially accepted theoretical provisions.
National income represents new value created in all social production over a certain period of time (usually one year).
The value of national income is equal to the sum of the value of variable capital and surplus value, i.e. ( v + m). National income is the part of the value of the total social product remaining after subtracting from it the value of consumed constant capital ( With). With expanded reproduction, national income in terms of natural material composition includes items of current consumption of capitalists and workers, as well as additionally produced means of production and consumer goods necessary for the formation of additional constant and variable capital.
Net income(m) represents the part of national income remaining after subtracting from it the cost of variable capital (or wage fund). It is equal in size to surplus value.
National income, according to K. Marx’s theory of reproduction of the social product, is created in the sphere of material production, that is, in those sectors of the economy where value and surplus value are produced. Sectors of material production include: mining and manufacturing industries, construction, transport and communications (partially related only to production activities, and not with serving the population), Agriculture, as well as trade and catering, but only to the extent that they complete the production process in the sphere of circulation (for example, storage, packaging, packaging of goods, etc.). Thus, national income is produced by workers in the sphere of material production, whose labor for this reason is productive. At the same time, the labor of workers non-production sphere, no matter how necessary it is for society, according to the theory of K. Marx, it does not create national income and therefore from the point of view of the whole society is unproductive. The work of non-production workers (teachers, doctors, literary workers, artists, etc.) is paid from the primary income of the main classes of capitalist society, that is, from the wages of workers and from the profits of various groups of capitalists who appropriate surplus value. From all that has been said it follows that:
Productive labor under capitalism– this is labor that creates surplus value.
Unproductive labor under capitalism- This is a useful human activity, as a result of which surplus value is not created.
The amount of national income depends on a number of factors. Firstly, from the mass of labor used in the sphere of material production - with an increase in the number of workers employed in this sphere, an increase in the length of the working day, as well as an increase in labor intensity, national income increases and vice versa. Secondly, from changes in the level of labor productivity of workers in the sphere of material production - with an increase in labor productivity, the physical volume of national income grows (the amount of consumer values produced), which means an increase in national income and vice versa. Thirdly, a factor in the growth of national income is economies of constant capital or economies of scale.
Indicators of the magnitude (level) and growth rate of real national income are the most important indicators, characterizing the state and development of the economy of a particular country, the well-being of its people. For example, with the growth of real national income, the country's population has the opportunity to purchase large quantity and the best quality of various goods and services, as a result of which the standard of living in the country increases. Conversely, when the value of real national income decreases, the opposite trend is observed.
Parallel development of forms of capital and economic schools was the reason that the first researchers of this category - mercantilists and physiocrats - considered it one-sidedly. A more detailed analysis of forms of capital is presented in the works A. Smith and D. Ricardo.
The most complete and logical study of the category of capital was carried out K. Marx in his work “Capital” (1867 ᴦ.). Along with considering the specific forms of the functioning of capital, he also revealed the content of this category, analyzing it not only as a thing at rest, but also as movement. In "Capital" for the first time in the history of economic science it was shown that capital is a special historically determined public attitude between capitalists and wage workers. But along with this, Marx noted that capital also has a material appearance, appearing in the form of machine tools, machines, raw materials, etc.
The classics of economic theory identified the initial accumulation of capital (“previos accumulation”) as the starting point for the formation of capitalism.
Individual capital - the capital of a company - can constantly generate profits if it continuously recreates the material conditions for the production of new value.
Reproduction- ϶ᴛᴏ constant renewal of the production process to satisfy material and intangible goods disappearing in consumption. Production cannot be stopped, just like consumption. This There are two types of reproduction: simple and extended.
Simple reproduction individual capital - the process of renewing production in unchanged amounts. At the same time, the scale of production, the size of the product created and the size operating capital (production assets) remain unchanged. In the course of simple production, not only goods are recreated, but also capital and capitalist relations of production.
Advanced Manufacturing- ϶ᴛᴏ process of resumption of production on an ever-increasing scale. Expanded reproduction in a company means an increase in the size of capital, which leads to an increase in the scale of production of new value. The increase in the amount of operating capital occurs due to accumulation.
Capital accumulation- ϶ᴛᴏ increase in monetary and material resources used for expanded reproduction. This kind of additional capital can be called an investment in the future, since it goes to improve the lives of current and future generations. The accumulation of capital cannot be identified with the accumulation of treasures, with savings Money at rest.
The accumulation mechanism primarily includes sources of financing for expanded reproduction. Financing – allocation of funds, carried out at the expense of external and internal sources additional capital.
With expanded reproduction in an enterprise, the amount of profit that goes to the private owner is divided into two parts: a) income spent on consumption; b) income used for accumulation. In this regard, the amount of accumulation depends on the ratio in which profit is distributed between consumption and accumulation. Meanwhile, it has been noted that as the size of capital increases, their owners, as a rule, spend more money on increasing personal wealth and on luxury goods.
If a certain ratio is established between income and accumulation, then the size of the latter directly depends on the increase in the amount of profit. Other than that equal conditions the mass of profit increases in the same way as the new value increases (it depends on the size of capital, the number of workers, the intensity and productivity of labor).
The possibilities of accumulation increase when the means of production become cheaper: the cost of machinery and equipment decreases, raw materials, materials, and energy resources are used more carefully. Then, with the same amount of money invested in the business, more new factors of production can be purchased.
Τᴀᴋᴎᴍ ᴏϬᴩᴀᴈᴏᴍ, accumulation depends on: accumulation rate; profit amounts; saving means of production.
To better understand the mechanism of accumulation, it is important to establish what incentives ( motives) force entrepreneurs to continuously increase the volume of capital.
The businessman has serious motives for his company to move upward in a spiral. This, first of all, is the personal benefit of the owner. All of them are interested in expanding production. Because thanks to this, they get the opportunity not only to increase their standard of living from year to year, but also to increase their property for production purposes.
It follows that accumulation– economic law of expanded reproduction of capital. This is the initial reason for achieving the desired result - increasing the production of value, including profit.
Accumulation at the enterprise has the following basic structure: a) production accumulation; b) non-productive accumulation; c) accumulation used to attract additional workers and improve the skills of all employees. Industrial accumulation(in Western economic literature called investments) is spent on: a) increasing the number of means of production (expansion of production areas and construction of new buildings and structures, acquisition of machines, equipment, etc.); b) increase in material reserves (reserves and insurance funds). Non-productive accumulation goes towards: a) an increase in non-production assets (enterprise housing stock, medical institutions, cultural and public service institutions); b) additional costs for training and advanced training of workers (increased costs for training in blue-collar professions, increased qualifications and retraining of employees, which leads to an increase in their labor productivity).
In the West, all types of costs of firms for non-productive accumulation, for expansion vocational training personnel and improving the health of workers are called "investment in human capital." Some large corporations they even pay a wage premium to workers who regularly engage in physical culture and sports, create the necessary conditions for this (stadiums, gyms with exercise equipment, etc.). Such a measure is economically justified, if only because it reduces the company’s expenses for medical insurance.
Topic 5. Reproduction of capital The essence of wages Two approaches to determining wages: 1) wages – payment for labor (price of labor); 2) wages – the price of the commodity ‘labor power’. It is necessary to answer the question: the employee sells labor or labor power (the ability to... [read more]
There are simple and expanded reproduction of fixed assets. Simple reproduction – repair and complete replacement of outdated equipment with similar new ones. OPFs are subject to wear and tear as they operate, which necessitates OPF repairs. Repairs... [read more]
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The parallel development of forms of capital and economic schools was the reason that the first researchers of this category - mercantilists and physiocrats - considered it one-sidedly. A more detailed analysis of the forms of capital is presented in the works of A. Smith and D. Ricardo. ...
