About: Faux frais of production

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Faux frais of production is a concept used by classical political economists and by Karl Marx in his critique of political economy. It refers to "incidental operating expenses" incurred in the productive investment of capital, which do not themselves add new value to output. In Marx's social accounting, the faux frais are a component of constant capital, or alternately are funded by a fraction of the new surplus value.

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rdfs:label	Faux frais of production (en)
rdfs:comment	Faux frais of production is a concept used by classical political economists and by Karl Marx in his critique of political economy. It refers to "incidental operating expenses" incurred in the productive investment of capital, which do not themselves add new value to output. In Marx's social accounting, the faux frais are a component of constant capital, or alternately are funded by a fraction of the new surplus value. (en)
dcterms:subject	Marxian economics
Wikipage page ID	2268021 (xsd:integer)
Wikipage revision ID	819024707 (xsd:integer)
Link from a Wikipage to another Wikipage	Capital accumulation Intermediate consumption National Income and Product Accounts Constant capital Makoto Itoh Commodity Bureau of Economic Analysis Das Kapital Means of production Marxian economics Karl Marx Surplus value Political economy Financial capital Fixed capital Labor power Surplus-value
Link from a Wikipage to an external page	https://web.archive.org/web/20050316000553/http:/www.gre.ac.uk/~fa03/iwgvt/files/01-lee.rtf
sameAs	Faux frais of production Faux frais of production Faux frais of production
dbp:wikiPageUsesTemplate	dbt:Ref_improve dbt:Marxism
has abstract	Faux frais of production is a concept used by classical political economists and by Karl Marx in his critique of political economy. It refers to "incidental operating expenses" incurred in the productive investment of capital, which do not themselves add new value to output. In Marx's social accounting, the faux frais are a component of constant capital, or alternately are funded by a fraction of the new surplus value. When owners of capital invest in production, they do not just invest in labor power, materials, buildings and equipment (or means of production). They must also meet a range of other operating expenses. These can include all kinds of things like bookkeeping, training, catering, cleaning & repairs, advertising, insurance, security services, bribes, taxes & levies etc. Marx has in mind mainly those circulation costs directly necessary and indispensable to keep production going, not "fringe benefits". In modern medium-sized to large-sized business, fixed capital assets will "on average" be the largest single component of the annual tangible capital outlay. After that, materials and wages. But depending on the nature of the business, the faux frais might be a considerable proportion of the total capital outlay. In general, Marx seems to have regarded net insurance and tax payments from gross production income as part of surplus value. But he never elaborated on this point in detail; presumably it depends on the nature of the tax and insurance claims themselves. Professor Makoto Itoh comments: "Unlike pure circulation costs such as bookkeeping and advertising costs which are faux frais specific only to a commodity economy, some portions of the costs of storage and transport belong substantially to production processes that are continued in the circulation sphere, and therefore add to the substance of value and surplus-value just as production costs. The rest of the costs of storage and transport, together with pure circulation costs, proceed from the mere change in the form of value, and cannot enter into the substance of value of commodities. Such circulation costs are faux frais which must be maintained by a part of surplus value." (Makoto Itoh, The Basic Theory of Capitalism, Barnes & Noble 1988, p. 227). (en)
gold:hypernym	Concept
prov:wasDerivedFrom	wikipedia-en:Faux_frais_of_production?oldid=819024707&ns=0
page length (characters) of wiki page	4222 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Faux_frais_of_production
is Link from a Wikipage to another Wikipage of	Index of contemporary philosophy articles Index of philosophy articles (D–H) Intermediate consumption Organic composition of capital Constant capital Consumption of fixed capital Value product Commodity
is foaf:primaryTopic of	wikipedia-en:Faux_frais_of_production

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