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"The owner of the means of production is in a position to purchase the labor power of the worker. By using the means of production, the worker produces new goods which become the property of the capitalist. The essential point about this process is the relation between what the worker produces and what he is paid, both measured in terms of real value. Insofar as the labor contract is "free," what the worker receives is determined not by the real value of the goods he produces, but by his minimum needs and by the capitalists' requirements for labor power in relation to the number of workers competing for jobs. It is important to understand that even in theory the payment of the worker is not determined by the value of his product."
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Exlpore more Economics quotes
"Your money myth affects your gain and luck.In economics, illusion of money affects wealth."
"I saw the poverty, I say the prosperity. Both have fundamental problems."
"That policy which aims at raising the objective exchange-value of money is called, after the most important means at its disposal, restrictionism or deflationism. This nomenclature does not really embrace all the policies that aim at an increase in the value of money. The aim of restrictionism may also be attained by not increasing the quantity of money when the demand for it increases, or by not increasing it enough. This method has quite often been adopted as a way of increasing the value of money in face of the problems of a depreciated credit-money standard."
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"Miracle focus messages compels masses to think that the process of production is not necessary for prosperity."
"Paper money in time of war, the new notes will first go into the pockets of the war contractors. 'As a result, these persons' demands for certain articles will increase and so also the price and the sale of these articles, but especially in so far as they are luxury articles. Thus the position of the producers of these articles will be improved, their demand for other commodities will also increase, and thus the increase of prices and sales will go on, distributing itself over a constantly augmented number of articles, until at last it has reached them all."
Explore more quotes by Albert Einstein
"It would be possible to describe everything scientifically, but it would make no sense; it would be without meaning, as if you described a Beethoven symphony as a variation of wave pressure."
"Once you can accept the universe as matter expanding into nothing that is something, wearing stripes with plaid comes easy."
"In scientific thinking are always present elements of poetry. Science and music requires a thought homogeneous."
"Teaching should be such that what is offered is perceived as a valuable gift and not as hard duty. Never regard study as duty but as the enviable opportunity to learn to know the liberating influence of beauty in the realm of the spirit for your own personal joy and to the profit of the community to which your later work belongs."
"I was very pleased with your kind letter. Until now I never dreamed of being something like a hero. But since you've given me the nomination I feel that I am one."
"The gift of fantasy has meant more to me than my talent for absorbing positive knowledge."
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