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pounded until the CLASSICAL ECONOMISTS made it a central feature of their theory. Both SMITH and RICARDO attempted to relate long-term equilibrium value to the labour input of production but MARX is best known as an adherent of this view. Labour theories have a variety of forms. Smith's three versions were labour quantity (the value of a good is proportional to the amount of labour needed to make it), labour command (the value of a good is proportional to the amount of labour of others obtained in exchange) and labour disutility theory (value is proportional to the toil and trouble incurred in production). Neoclassical economists firmly dismissed such theories in favour of a MARGINAL UTILITY approach. JEVONS Stated that once labour is expended in production it no longer enters into value but is lost and gone for ever.<br /> <br /><em>Reference</em><br />Meek,R. (1973)Studies in the Labour Theory of Value, London: Allen & Unwin.
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activity rate (J2)<br />Official UK term for the LABOUR FORCE PARTICIPATION RATE. If the female population is 100 million and the female labour force is 55 million, the female activity rate will be 55 per cent.
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<strong>FAMS</strong> – Financial Aid Management System, software used by the school to administer all aspects and types of financial aid. FAMS products include Datatel' s product Colleague, PeopleSoft, SCT' s product Banner, the College Board' s product PowerFAIDS, and many others.
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