The Capital-labor-time Triad as a Key Factor of Economic Knowledge

In the works of economists, individual still encounters the perception of capital as concrete or intangible property. The understanding of capital stems from the principle of duality, which is the action of accounting belief and the measurement of recurrent income of economic parts. From this principle for that reason capital is an abstract category. In strength-material processes, capital represents the abstract skill to do work. Thus, arithmetic providing abstract tools and thermodynamics fit describing the conversion of energy and work are used to interpret capital. Consideration of the principles of thermodynamics should when measuring occasional profits, asset devaluation and equivalent wages. The constant application of the second law of thermodynamics leads to the conclusion that the natural neverending revealed in the belief of human capital measurement further determines the rate of passing of time so the trio of capital-labor-time is the endowment of economic information. Theoretical analyses and verdicts are confirmed by practical studies.

Author(s) Details:

Mieczyslaw Dobija,
Cracow University of Economics, Cracow, Poland.

Jurij Renkas,
Cracow University of Economics, Cracow, Poland.

Please see the link here: https://stm.bookpi.org/RPST-V8/article/view/10059

Keywords: Capital-labor-time, thermodynamics, periodic profits, civilization