What is a surplus?
A surplus is the amount of an asset or resource that exceeds the portion that is utilized. A surplus is used to describe many excess assets including income, profits, capital, and goods.
What is the difference between producer surplus and budget surplus?
On the other hand, producer surplus often leads to a surplus in supply, indicating that prices might be too high. Another type of surplus, budget surplus, occurs when income is higher than expenses, and it often deals with governments.
What is an example of consumer surplus?
Consumer surplus occurs if the buyer is able to purchase the product at a lower cost than this limit, which is seen as a gain. An example of consumer surplus in business and the global economy is oil prices - as the price per barrel drops below what the consumer is used to paying, the consumer profits with a surplus.
What is the difference between a surplus and a deficit?
A deficit is essentially the opposite of a surplus. A deficit occurs when expenses exceed revenues, imports exceed exports or liabilities exceed assets, resulting in a negative balance. Just as a surplus is not always a positive sign, deficits are not always unintentional or the sign of a government or business that's in financial trouble.
What is surplus repression According to Marcus?
Surplus repression, on the other hand, refers to “the restrictions necessitated by social domination” (Marcuse 1955: 35). The purpose of surplus repression is to shape the instincts in accordance with the present “performance principle” which is “the prevailing form of the reality principle” (Marcuse 1955: 35).
What is the performance principle Marcuse?
Marcuse calls this repression “the performance principle.” It is “the violent and exploitative productivity which made man into an instrument of labor” (199). Pleasure is the opposite of performance; pleasure—or Eros—liberates us from the repression commanded by the performance principle.
What does Marcuse say about needs?
Marcuse believes that human needs not only have historical characteristics, but also have the distinction between true and false. "True needs" would mean freedom from the economy - from being controlled by economic forces and relationships; freedom from the daily struggle for existence(Marcuse,1991, p. 15).
Was Herbert Marcuse Marxist?
As the material from this volume shows, Marcuse was not only a theorist of Marxist thought and practice in the twentieth century, but also proves to be an essential thinker for understanding the neoliberal phase of capitalism and resistance in the twenty-first century.
Why Herbert Marcuse is considered the father of New Left?
Because of his willingness to speak at student protests and his essay "Repressive Tolerance" (1965), Marcuse soon became known in the media as "Father of the New Left." Contending that the students of the sixties were not waiting for the publication of his work to act, Marcuse brushed the media's branding of him as " ...
What is radical subjectivity?
“Subjectivity” is taken to mean a collective form of consciousness or collaborative project or social movement, characterised by specific forms of organisation and representation. “Radical” subjectivity refers to those projects that fundamentally challenge the dominant social formation.
What are false needs Marcuse?
False needs are not things I think I need, but that I actually only want; they are genuine needs, but they are needs imposed on me by the society in which I live, needs which do not lead to my flourishing upon their satisfaction.
What is the new sensibility Marcuse?
Marcuse, though, describes the development of a “new sensibility,” of an aesthetic taste for freedom that once cultivated creates what he calls a “biological” need for freedom. A “proper” understanding of history takes a backseat to an aesthetic, erotic, instinctual “connection” with what it means to be a human being.
What is Marcuse's second nature?
In the next chapter, entitled "A Biological Foundation for Socialism?", Marcuse further elaborates on his earlier remarks. The so-called consumer economy and the politics of corporate capitalism have created a second nature of man which ties him libidinaly and agressively to the commodity form.
What is Habermas theory?
Habermas's theory of communicative action rests on the idea that social order ultimately depends on the capacity of actors to recognize the intersubjective validity of the different claims on which social cooperation depends.
What is the neo Marxist theory?
Neo-Marxists believe the economic system creates a wealthy class of owners and a poor class of workers. They also believe that certain social institutions such as churches, prisons and schools have been created to maintain the division between the powerful and the powerless.
What is Marxist ideology?
The Marxism ideology is a theory about the primacy of economic distinctions and class struggle in the course of human events. Thus, one of the primary principles of Marxism is that the modes of production and the relationships of exchange form the base of society, i.e., its primary features.
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What is surplus in the economy?
Budgetary surpluses occur when income earned exceeds expenses paid. A surplus results from a disconnect between supply and demand for a product, or when some people are willing to pay more for a product than other consumers. Typically, a surplus causes a market disequilibrium in the supply and demand of a product.
What is surplus in business?
A surplus occurs when there is some sort of disconnect between supply and demand for a product, or when some people are willing to pay more for a product than others. Hypothetically speaking, if there were a set price for a certain popular doll, that everyone was unanimously expected and willing to pay, neither a surplus nor a shortage would occur. But this rarely happens in practice, because various people and businesses have different price thresholds--both when buying and selling.
What is surplus and shortage?
This imbalance means that the product cannot efficiently flow through the market. Fortunately, the cycle of surplus and shortage has a way of balancing itself out.
What are the two types of economic surplus?
There are two types of economic surplus: consumer surplus and producer surplus . A consumer surplus occurs when the price for a product or service is lower than the highest price a consumer would willingly pay.
What is the difference between producer and consumer surplus?
Consumer surplus occurs when the price for a product or service is lower than the highest price a consumer would willingly pay. A producer surplus is when goods are sold at a higher price than the lowest price the producer was willing to sell for.
What is surplus in inventories?
In the context of inventories, a surplus describes products that remain sitting on store shelves, unpurchased.
What happens when the price of a product goes down?
If demand for the product spikes, the vendor offering the lowest price may run out of supply, which tends to result in general market price increases, causing a producer surplus. The opposite occurs if prices go down, and supply is high, but there is not enough demand, consequently resulting in a consumer surplus.
What Does Surplus Reinsurance Mean?
Surplus reinsurance is a reinsurance treaty or automatic reinsurance that allows the insurance company to transfer or cede certain amounts of every risk that exceeds the their retention limit to the insurer without needing the latter's approval for every policy underwritten and reinsured.
Insuranceopedia Explains Surplus Reinsurance
By virtue of the risk sharing that accompanies the automatic transfer of part of the risks to the reinsurer, surplus reinsurance allows the insurance company to maintain its declared retention limit and cede any excess amounts. This effectively enables it to accept more applications with larger amounts of coverage.