I've been tutoring A-level and adult students in economics since 1998, amongst other things. I find that it sometimes helps for people to access notes to supplement the textbooks and revision guides on specific topics, so I will be putting my own material, plus links to other content, here. You can access it freely, but don't sell it on or pass anything off as your own work. Tutorial services can be accessed via my professional website. In time, I will compile the notes here into an amazon kindle book. Good luck!
Adam Smith, and Karl Marx, both believed that labour value lies at the heart of all economic value. Commodities, goods, and services arise from the interaction of land, labour, and capital. Since Land is fixed until new land is cleared or built by workers, and since capital enhances labour and is invented by people, they both thought that the only people who added value in economic transactions were workers. This theory of labour value was qualified in the second half of the twentieth century by the elevation of entrepreneurialism as a factor of production. The enterprising businesspeople who took on risks, brought factors together, and who were rewarded with profit having been prepared to make losses, were elevated to a ‘fourth factor.’ This idea makes some sense, but also serves to undermine the idea that labour value on its own creates economic value. If labour has value, some argue that the value of time taken from a life to work should be viewed equally. This means t...
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