In the works of economists, individual still encounters the perception of capital as concrete or intangible property. The understanding of capital stems from the principle of duality, which is the support of accounting hypothesis and the measurement of regular income of economic wholes. From this principle therefore capital is an abstract category. In strength-material processes, capital represents the abstract strength to do work. Thus, arithmetic providing abstract tools and thermodynamics worthy describing the revolution of energy and work are used to define capital. Consideration of the principles of thermodynamics should when measuring annual profits, asset devaluation and equivalent wages. The regular application of the second law of thermodynamics leads to the conclusion that the natural loyal revealed in the belief of human capital measurement still determines the rate of authorization of time so the trio of capital-labor-time is the groundwork of economic information. Theoretical analyses and verdicts are confirmed by practical studies.
Author(s) Details:
Mieczyslaw Dobija,
Cracow University of Economics, Cracow, Poland.
Jurij
Renkas,
Cracow
University of Economics, Cracow, Poland.
Please see the link here: https://stm.bookpi.org/RPST-V8/article/view/10059
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