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Wages (salary) as the price of labor.

Among the different forms of income, wage is the most commonly used form. In the economic theory exist some points of view about essence of the wage.

Labor services are the physical and mental work effort that people supply to produce goods and services. A labor market is a collection of people and firms who trade labor services. The price of labor services is the wage rate. Some labor services are traded day by day. These services are called casual labor. People who pick fruit and vegetables often just show up at a farm and take whatever work is available that day. But most labor services are traded on a contract, called a job.

The wage acts the following main functions:

1. reproductive (supplying with extended production of the qualitative labor force of the work- hand and members of his family);

2. stimulating (forms and systems of the wage should stimulate the high-performance work);

3. distributive (stimulating of the labor influx to a certain branches and its outfall from others).

Forms and systems of the wage. The wage exist in two main forms: time wage and job wage. It is well known that labor quantity is measured off labor time inputs. So, on this time wage is based - this is payment and labor force cost for its operating during the certain working time. For determination of the level of the labor force payment it is accounted the hourly rate, in other words, one hour price of the working time that is found in the tariff rate expression. At the same time a professional qualified and educational level is took into account. The wage is accounted with multiplication of the number of hours worked by hourly rate. For the separate groups of labors it is established monthly rate of the wage like an official pay. The level of the labor remuneration sometimes can be connected with the urgency of work realization. Raised wage for urgent work is called a lump payment.

Hourly labor pay, as a kind of pay by a certain period of time, is used for increasing the period of working day. During the economic crisis employers are shortening the working time with a simultaneous decrease of the hourly pay that is lower than the price of the labor force.

Job wage (piece wage)- this is a payment of value and cost of the labor force commodity depending on measure making per the unit time. It is modified form of the hourly wage. Labor force inputs of this kind of wage is measured with a quantity and quality of the produced production. That wage that was made is used for increasing of labor intensity and competition among the workers.

Tariff system of payment and also official salary of the office worker or engineering worker is worked out on the estimation base of the different labor characteristics. Under the tariff system wage is depends on uninterrupted work of equipment, labor complexity that is expressed by the certain tariff grades and wages.

Wage plus-bonus system connects tariff grades and rates of the labor inputs by a certain functional dependence. Piece plus-bonus system provides for paying for the worker of the certain sum for the over time work. It promotes the labor intensity and improvement of the moral and social climate of the establishments.
In the systems of stimulating that is based on hourly wage, as a standard is taken a work content that worker is doing during the working time, as a rule there is one hour for the average qualification.

2. The capital market and its structure. Capital as an investment. The circuit and the turnover of capital.

Meaning of the category “capital”.

- Capital as any economic category has its meaning and a social form. The essence of the category is revealed in their dialectic integrity.

- Capital is not only means of production, goods or money, but relations of production at which tools of labour, definite material benefits, exchange value become the instrument of taking a part of somebody’s unpaid labour.

- According to K. Marx capital is not a thing, but a social, belonging to a definite social-historical formation relation of production, which is expressed in a thing and gives it a specific social character.

Capital consists of the long-lasting tools people use to produce goods and services. This includes physical capital, such as buildings, machinery, and equipment, as well as human capital —the skills and training that workers possess.

Capital stock The total value of all goods that will provide useful services in future years.

Circulation of capital.

a) Circulation of capital is a movement of value of factors of production through the spheres of production and circulation, as a result of which it passes three stages and gets three functional forms: monetary, production and commodity.

b) Functional forms of capital.

- monetary – fulfills the function of creation the conditions for production;

- production – fulfills the function of goods creation, value and surplus value formation;

- commodity – the function of distribution of goods, value and surplus value and creation the opportunities for continuation of production process.

c) Formula of capital circulation:

Money becomes capital when it is put into circulation to get the sum bigger than initially invested. The formula of capital movement goes like this: M-G-M’, where

M’=M+^M, ^M is money increase over the initial sum.



M-G … P … G’-M’


1st stage 2nd stage 3rd stage


where M – money, G – goods, WF – workforce, MP – means of production, P – production ‘ – initial value increase by the size of surplus value.


2) Capital circulation.

a) The circulation of industrial capital considered as a non-stop renewing process forms its circulation.

b) Real and general capital circulation.

- Real capital circulation – means the return of capital both by value and in a natural form;

- General capital circulation - a circulation calculated as an average size from the circulation of its components.

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