Routledge Dictionary of Economics, Second Edition
A classification of labour first introduced by SMITH and later to be prominent in MARXIAN ECONOMICS.
Smith regarded labour as productive if it added value to the raw materials used, provided maintenance for the labourer and profits for the employer and produced a vendible commodity; MARX regarded this type of labour as that which produces SURPLUS VALUE. The distinction between productive and unproductive labour has influenced the measurement of NATIONAL INCOME.
This is the complete article, containing 73 words
(approx. 1 page at 300 words per page).
