Global Competitiveness in Productions & Operations Management

The scholastic development of political econo- my since Adam Smith has tended to cover up the vital distinction between the two sources of value in exchange; that originating in the storing up of labour, and that originating in what I have called obligation — the power, often devoid of moral right, to compel the ex- penditure of labour. This is the condition in which the orthodox political economy now is. It has not only discovered what its principal term, wealth in the economic sense, really is, but it has so confounded other terms as to give little light on the search. The aim of this book on this subject is to present the subject matter in a concise form, keeping in view the needs of the average student.