On the Priority of Labor Over Capital
Bibliographic Data
| ID | 2776591 |
|---|---|
| Authors | Charles M A Clark (corresponding author) |
| Year | 2020 |
| Volume | 79 |
| Issue | 4 |
| Pages | 1147-1180 |
| Publication date | 2020-09-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | American Journal of Economics and Sociology (JOURNAL) |
| Journal identifiers | ISSN: 0002-9246 • E-ISSN: 1536-7150 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/ajes.12355 |
| OpenAlex | W3091875513 |
| Language | EN |
| Citations received | 1 |
| References cited | 18 |
In his encyclical Laborem Exercens, John Paul II asserts the principle of the priority of labor over capital. The purpose of this article is to examine this principle. The conflict between labor and capital is often noted as an essential part of capitalism. There is a long tradition of assigning more significance to labor than to capital. In fact, the classical economists argued that labor determined the "value" of a good. To understand this conflict, we must first review what is capital and its role in capitalism. We will then look at John Paul II's assertion of the principle of labor over capital, followed by a review of how economists have understood the relationship between labor and capital. Neoclassical economists dismiss labor and capital as classes, so they believe there is no conflict. We examine one neoclassical economist's claim of a gap in the principle of the priority of labor over capital by not including finance capital in the analysis. We demonstrate that the Church's teachings on usury answer the objections raised. We conclude with a review of the implications of the priority of labor over capital
Assertion · Capital (architecture) · Capitalism · Classical economics · Economics · Financial capital · Individual capital · Labour economics · Neoclassical economics · Political science · Theology · Usury · Value (mathematics) · Economic Theory and Institutions · Economic Theory and Policy · Economic, financial, and policy analysis · Law · Philosophy
The general theory of employment, interest, and money
Principles of political economy
Capital in the Twenty-First Century
The General Theory of Employment
Rethinking Finance in Light of Catholic Social Thought
On the Principles of Political Economy, and Taxation
The Production Function and the Theory of Capital
Power, Subsidiarity, and the Economy of Exclusion
On the Priority of Labor Over Capital
An Inquiry into the Nature and Causes of the Wealth of Nations
John Locke Two Treatises of Government
| Unique citing works | 1 |
|---|---|
| Citations per year | 0,17 |
| Citation span | 2020 - 2020 (1) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |