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socially necessary labour time (JO)<br />The amount of time a worker devotes to the production of a particular good under normal conditions of production at the current standard of labour PRODUCTIVITY. MARX found it necessary to refine the notion of labour quantity in this way to avoid the implication of his theory - that laziness increases value.
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<strong>UNCF</strong> – United Negro College Fund. May be found on the world wide web at
www.uncf.org.
dependency theory (01)<br />Exploitation theory applied to small countries. A small country exporting agricultural commodities finds that the control of its economy, especially its trade, shipping, insurance, banking and port facilities, passes to foreigners who are often associated with a local wealthy elite. The economy suffers from the repatriation of profits and imports, both of which are detrimental to domestic industries. The deterioration in local industry reduces industrial employment and pushes indigenous workers into the subsistence sector. In order to counteract the losses created by dependency, these theorists recommend fast independent growth and the granting of priority to basic needs. Critics argue that the theory at best is applicable only to some tropical colonies in the 1900-50 era, that it exaggerates the extent of profit repatriation and that it fails to establish a single optimal set of prices.<br /><em>Reference</em><br />Frank, A.G. (1978) Dependent Accumulation and Underdevelopment, London: Macmillan.<br /> Smith, T (199 5) 'The underdevelopment of development literature: the case of dependency theory', inS. Haggard (ed.) The International Political Economy and the Developing Countries, VoL 1, pp.<br /> 300-41, Aldershot: Edward Elgar.
Markovitz, Harry Max, 1927- (B3) Educated at the University of Chicago and professor at Rutgers University since 1980. He has been principally concerned in his works with the theory of rational behaviour under uncertainty and portfolio theory. He has contributed to production theory and the creation of software to aid business decision making. In 1990, he shared the NOBEL PRIZE FOR ECONOMICS with SHARPE and MILLER for his contribution to portfolio theory.
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