Monetary Expression Research Articles

Money Is Time: The Monetary Expression of Value in Marx's Theory of Value

In this article, I derive the monetary expression of value based upon commodity money and use it to translate values and exchange values from units of labor into units of money. While this analysis has been done at the initial stage of Marx's analysis where he assumes that commodities exchange in proportion to their values, I derive the monetary expression of value at the more developed stage of Marx's analysis where commodities exchange according to prices of production. I then develop a macroeconomic measure of the monetary expression of value and link the micro- and macroeconomic determination of the monetary expression of value. In so doing I provide a conceptual basis for defining the monetary expression of value using contemporary non-commodity money.

Influence of farm milk prices in the EU 25 on profitability and production volume indicator

The paper analyses the development of milk prices and effectiveness and economy of holdings included in the particular production category of “411 Milk” and their relations. The influence of prices on profitability, elasticity of production, labour productivity dynamics, effectiveness of long-term assets and resulting cost changes are discussed in particular. Milk profitability was not significantly influenced by different prices in the individual states. The variation of prices in time was more important. The production is supposed to grow with delay. Milk yield (per cow and year) and number of cows per worker are the main determinants of labour productivity growth in the in-kind expression. The influence of prices on labour productivity in monetary expression among individual states is not as important as was supposed.

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The introduction of an information system such as Enterprise Resource Planning (ERP) system in an organization brings with it changes on how users work. An ERP system cuts across the different functional units of an organization and therefore if not properly managed during its implementation may lead to resistance from the users. The different streams of research on ERP systems have mainly been on ERP adoption, success measurement, and critical success factors (CSFs). There is a paucity of studies on user participation and the contribution of users towards the successful implementation of ERP systems. This paper reviews literature on ERP implementation with an aim of building a case for involving users in this implementation.

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This study examined the effectiveness of internal control system, financial management and accountability practices of mosques in Malaysia. Based on 500 questionnaires was administered to chairman and treasurer of 250 selected mosques available in Malaysia including Sabah and Sarawak. This study suggests that a proper and accurate recording of financial transaction, enhancing the accountability of chairman and treasurer in order to improve the productivity and performance effectiveness. The inclusion of these variables provides important implications for expanding our understanding of financial management practices in non-profit organizations and creating new research opportunities. The result provides on how Malaysian mosque enhances internal control system and performance to achieve the mission and goals of mosque. An effective way to improve the productivity and efficiency of financial management practices and management control system in the mosque.

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This study investigates the consequences of regulation for management control and organisational change in privatised industries by means of a case study of the gas industry. It focuses particularly on the implications for regulation of accounting systems and systems of accountability, as important management control systems. Giddens’ [Central Problems in Social Theory: Action, Structure and Contradiction in Social Analysis, 1979; The Constitution of Society, 1984] structuration theory is adopted as an analytical framework for the study, due to its demonstrated capacity to take into account the interaction of agency and social structures in the production, reproduction and regulation of social order, together with its potential for an analysis of organisational change. This study contributes to the body of knowledge on the impact of regulation on privatised industries by providing a contextual analysis of management control and organisational change in the gas industry, and also by providing a critique of the change which has taken place.

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Multicriteria Decision Analysis: A Comprehensive Decision Approach for Management of Contaminated Sediments

Contaminated sediments and other sites present a difficult challenge for environmental decisionmakers. They are typically slow to recover or attenuate naturally, may involve multiple regulatory agencies and stakeholder groups, and engender multiple toxicological and ecotoxicological risks. While environmental decision-making strategies over the last several decades have evolved into increasingly more sophisticated, information-intensive, and complex approaches, there remains considerable dissatisfaction among business, industry, and the public with existing management strategies. Consequently, contaminated sediments and materials are the subject of intense technology development, such as beneficial reuse or in situ treatment. However, current decision analysis approaches, such as comparative risk assessment, benefit-cost analysis, and life cycle assessment, do not offer a comprehensive approach for incorporating the varied types of information and multiple stakeholder and public views that must typically be brought to bear when new technologies are under consideration. Alternatively, multicriteria decision analysis (MCDA) offers a scientifically sound decision framework for management of contaminated materials or sites where stakeholder participation is of crucial concern and criteria such as economics, environmental impacts, safety, and risk cannot be easily condensed into simple monetary expressions. This article brings together a multidisciplinary review of existing decision-making approaches at regulatory agencies in the United States and Europe and synthesizes state-of-the-art research in MCDA methods applicable to the assessment of contaminated sediment management technologies. Additionally, it tests an MCDA approach for coupling expert judgment and stakeholder values in a hypothetical contaminated sediments management case study wherein MCDA is used as a tool for testing stakeholder responses to and improving expert assessment of innovative contaminated sediments technologies.

THEORETICAL ISSUES ON ENVIRONMENTAL ACCOUNTING INFORMATION SYSTEMS IN HOSPITALITY EDUCATION

In a competitive environment the application of Information Technology Systems by tourism companies can increase future prosperity and financial growth. The purpose of this paper is to measure the natural assets and to calculate the environmental benefits, as well as, the associated costs, so as to include all the above in the financial statements (balance sheet and profit & loss account). It is crucial to point out that the installation of a Green Accounting Information System requires evaluation of human assets (students and professors), availability of space, value the benefits, as well as, estimate the necessary installation costs. Literature suggests that although many information systems of environmental management have been developed, no significant progress was made on the growth of green accounting information systems due to the inherent difficulty for the monetary expression of environmental accumulated costs and related natural resources.

The Temporal Single‐system Interpretation of Marx's Economics: A Critical Evaluation

ABSTRACTThe temporal single‐system (TSS) quantitative approach to Marx's economics is analysed. It is shown that TSS models lack a clear equilibrium concept and a coherent (dis)equilibrium methodology, and that Marx's propositions on value and exploitation are tautologically obtained (i) by constructing a money costs theory of value, where by assumption values are equal to market prices, apart possibly from short‐run deviations; and (ii) by arbitrarily assuming that the undefined monetary expression of labour time is positive. In general, the shortcomings of the analytical framework make TSS claims, including the proofs of the law of the tendential fall in the profit rate, unwarranted.

Surplus value and the Keynesian multiplier

De Angelis [Review of Radical Political Economics 32 (1), 80] identifies a monetary expression for the value of labor power as a constituent component of the employment multiplier. By conjoining this multiplier with Marx's falling rate of profit thesis, a critique is formulated of alternative strategies of employment generation. This paper takes the dissection of the multiplier one step further by demonstrating the role of the value of labor power itself in both income and employment multipliers. Nesting this approach in Marx's reproduction schema, and using the Domar growth model, it is argued that De Angelis underestimates the importance of aggregate demand as a determinant of employment.

Surplus value and the Keynesian multiplier

De Angelis [ Review of Radical Political Economics 32 (1), 80] identifies a monetary expression for the value of labor power as a constituent component of the employment multiplier. By conjoining this multiplier with Marx’s falling rate of profit thesis, a critique is formulated of alternative strategies of employment generation. This paper takes the dissection of the multiplier one step further by demonstrating the role of the value of labor power itself in both income and employment multipliers. Nesting this approach in Marx’s reproduction schema, and using the Domar growth model, it is argued that De Angelis underestimates the importance of aggregate demand as a determinant of employment.

Recent developments in the labor theory of value

This paper reviews the historical roots of Marx's labor theory of value and some contemporary contributions to the critique of this theory. Modern commentary on Marx's labor theory of value based on dual system of parallel prices and embodied labor coefficients loses sight of the theory's roots in the philosophy of historical materialism and its function as a theory of money. Recently developed empirical single system approaches, including the New Interpretation that identifies the monetary expression of labor time with the ratio of money value added to living productive labor expended in its production, address these problems, and open the possibility of a progressive research program based on Marx's theory.

Recent Developments in the Labor Theory of Value

This paper reviews the historical roots of Marx's labor theory of value and some contemporary contributions to the critique of this theory. Modern commentary on Marx's labor theory of value based on dual system of parallel prices and embodied labor coefficients loses sight of the theory's roots in the philosophy of historical materialism and its function as a theory of money. Recently developed empirical single system approaches, including the New Interpretation that identifies the monetary expression of labor time with the ratio of money value added to living productive labor expended in its production, address these problems, and open the possibility of a progressive research program based on Marx's theory.

The Korean DMZ: A Fragile Ecosystem

The Demilitarized Zone (DMZ) and the Civilian Control Zone (CCZ) along the South-North Korea divide are widely known biologically diverse reserves (Ka Chung Kim, Policy Forum, 10 Oct. 1997, [p. 242][1]). The CCZ has been under persistent threat of development by landowners, who wield enough power to pressure congressmen to legalize development in the CCZ. A special CCZ development program was nearly created by these forces, but Korea's current financial crisis has slowed down its progress. The Korean Peace Bioreserves System, discussed by Kim, does not appear to be able to alter the fate of the area's bioreserves. Several years ago, the Ministry of Environment attempted to designate the Chulwon area a National Ecological Park by enforcing the Natural Resource Conservation Act, but he did not succeed because of strong resistance from the landowners. In early 1997, the Korean National Commission for UNESCO completed a study to design a CCZ ecosystem preservation plan, but it also has had little success stopping the development forces. The fundamental problem is the conflict between the private preferences that lead to resource appropriation and the social preferences that value resource preservation. We need to consider the long-term benefit from preserving the bioreserves and compare this benefit with individuals' immediate goals of pursuing land conversion for personal monetary gain. The government, law-makers, biologists, ecologists, and landowners need to be cognizant of the value of ecosystem resources in the areas. It is therefore critical to clarify the language and concepts we use to express the value of biodiversity and policies leading to its preservation. “Value,” here, does not mean only ethical or emotional judgment about duty to future generations and responsibility toward the nonhuman natural world, but also monetary expression of the nonmarket value of ecological resources and non-use values perceived by existence, option, and bequest preferences. Existence value is the willingness to pay for the satisfaction of knowing that a natural environment is protected. Option value is defined as the annual payment of a kind of insurance premium to retain the option of possible future use. Bequest value is defined as the willingness to pay for the satisfaction derived from endowing future generations with the irreversible biological resources ([1][2]). A preservation program based on these values would alter the fate of ecosystem life by showing that biodiversity in the areas is not in conflict with local economic well-being, but in fact is essential to it. Currently, an ecotour of the CCZ in the Chulwon area attracts 360,000 tourists per year. This tourism provides the regional economy with tangible effects, such as related business opportunities (including hotels and restaurants). A valuation study was performed in the Chulwon area in the fall of 1997 ([2][3]). The total value of ecotourism in that area was estimated to be 1.05 billion won (approximately 1600 won are equivalent to $1 U.S.). The annual average revenue from selling entrance tickets to tourists is 385 million won. Thus, in addition, there could be an estimated 665-million-won surplus from ecotourism. Also, non-use values of existence, option, and bequest perception would mount to a few hundred billion won. While ecotourism may constitute the financial impetus for farmers to practice environmentally safe farming, the latter would justify government compensation to landholders to not convert land into commercial sites. Meanwhile, the multiplier effects generated by ecotourism-related business activities would spread through the regional economy, which would eventually sustain itself in harmony with a healthy regional ecosystem. In addition, adverse environmental impacts are not now included in feasibility accounting and, in fact, are not usually recognized until adverse effects become a debatable issue among the general public. The most efficient solution is a rational and tangible valuation scheme that can convince landowners and other private interests that their economic goals are best served by resource-conserving actions. 1. [↵][4]1. R. G. Walsh, 2. J. B. Loornis, 3. R. A. Gillman , Land Econ. 60, 1 (February 1984). [OpenUrl][5][CrossRef][6][Web of Science][7] 2. [↵][8]1. K. H. John , “An economic evaluation of ecosystem preservation of Chulwon area,” in the Survey of Forestry Ecology in the DMZ and the Adjacent Areas (in Korean) (Forest Research Institute, Ministry of Agriculture, Forestry, and Fisheries, Guachon City, South Korea, December 1997), p. 15. 3. I appreciate helpful criticism from Patrick McDade. [1]: /lookup/doi/10.1126/science.278.5336.242 [2]: #ref-1 [3]: #ref-2 [4]: #xref-ref-1-1 View reference 1 in text [5]: {openurl}?query=rft.jtitle%253DLand%2BEcon.%26rft.volume%253D60%26rft.spage%253D1%26rft.atitle%253DLAND%2BECON%26rft_id%253Dinfo%253Adoi%252F10.2307%252F3146088%26rft.genre%253Darticle%26rft_val_fmt%253Dinfo%253Aofi%252Ffmt%253Akev%253Amtx%253Ajournal%26ctx_ver%253DZ39.88-2004%26url_ver%253DZ39.88-2004%26url_ctx_fmt%253Dinfo%253Aofi%252Ffmt%253Akev%253Amtx%253Actx [6]: /lookup/external-ref?access_num=10.2307/3146088&link_type=DOI [7]: /lookup/external-ref?access_num=A1984SC78000001&link_type=ISI [8]: #xref-ref-2-1 View reference 2 in text

3.4 On the Deficiency of Our Educational Funding—An Analysis of the Amount and Percentage of Our Educational Investment, 1977-1987

Educational investment is the monetary expression of the manpower and material resources invested in education to train a reserve labor force and people with professional skills and to improve the quality of the existing labor force. The target of educational investment is divided into two parts: that in the various types of schools at all levels, and that in adult or continuing education. This article only discusses the investment in schools. The amount of annual educational investment of a given country reflects its scale in that country, and the percentage of this investment reflects its relationship with the national economy and its [relative] level. There are two common indicators of the percentage of educational investment: its percentage in the public expenditure and its percentage in the national income or GNP. The former reflects the level of the government educational investment, and the latter the actual level of educational investment of a given country.

The Law of Value and Planned Price Formation

Following the stormy discussions of the late fifties and early sixties, economic science formulated the principle of the dual nature of prices under socialism, specifically, that price is the monetary expression of value on the one hand, and that it is the planned cost norm on the other. The formula of the need to establish prices with regard to the law of value and the law of systematic development corresponds to this principle. It is also occasionally stated in the same vein that prices are in general determined by all the economic laws of socialism.

Cost‐benefit evaluation of a new technology for treatment of peptic ulcer disease

AbstractPsychosocial benefit resists monetary expression. However, reduction in costs, with no loss of benefits assumed, improves a cost‐benefit ratio. The effect of cimetidine on the costs of ulcer has been widely studied. Randomized clinical trials show reductions in surgery and work loss among cimetidine‐treated patients versus placebo controls. In the community, time series studies have documented drops in ulcer surgery, averaging about 25% below the expected trend line, following marketing introduction of the drug. These, plus a cross‐sectional study of Medicaid patients with and without use of cimetidine, indicate that the drug has reduced the net direct costs of ulcer disease.