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in capitalism, the most important factor of production is capital.
by jocaal 2y ago
in capitalism, the most important factor of production is capital.
- Nifty3929 2y agoThere are two factors: capital (not money), and labor. E.g. the factory and the workers. Neither is more important than the other.
- jocaal 2y agoMy intro economics course taught there are 4: land, labor, capital, and entrepreneurship. > Neither is more important than the other. I would say capital is a more important factor than labor, because the tax responsibilities for earnings from different factors are different. Income tax is a lot more than capital gains tax. It is an undeniable fact that our system places more value on growth from capital, than growth due to increased labor efficiency.
- fragmede 2y ago> Neither is more important than the other. The particular person pushing that notion may have been biased, in part due to a brief that society is neatly dividable into workers and the means of production. Certain classes of workers are seen as expendable by "factory owners" who demonstrate this by paint the minimum allowed wage to these classes of employees.