Law of Socialist Accumulation, an economic law reflecting, under socialism, the direct link between an increase in accumulation, growing social labour productivity, production and public wealth, on the one hand, and a rise in the working people’s living standards, on the other. The bigger the public wealth and its rate of growth, the better the needs of the members of society are satisfied, the higher their living standards, and the more their harmonious development is ensured. Socialist society makes regular use of a certain portion of its national income continually to extend and improve social production and, on this basis, steadily raises the living standards of its members and ensures full employment of the ablebodied population. In this way, socialist accumulation differs fundamentally from accumulation under capitalism (see Accumulation of Capital) in its socio-economic nature, goals and the way it is utilised. The scale of accumulation depends directly on the rate of accumulation, i. e., on the ratio of the accumulation fund to the entire national income in percentage terms. As the accumulation fund forms part of the national income, its growth depends on factors that determine the growth of the national income i. e., the mass of labour expended and its productivity. Public ownership of the means of production and planned development of the socialist economy broaden immeasurably the opportunities for accumulation. The size of the accumulated means of production is growing steadily and their technical level is improving under developed socialism. As a result, labour productivity is rising and the depreciation fund (see Depreciation) is also growing, part of it being used on a planned basis to extend production. Renewed production assets are more efficient than depreciated ones and provide greater output and national income for similar labour inputs. The scale of accumulation also depends on thrifty use of raw and other materials and power in production. Smaller unit material inputs make it possible to produce more and to expand the scale of accumulation. Growing socialist accumulation objectively ensures both a larger scale of capital investment under socialism, used to increase and technologically renew the implements and means of labour, and a rise in their efficiency. The growing efficiency of accumulation makes it possible to extend the scale of social production without increasing capital investment and, hence, to broaden the opportunities for popular consumption and to satisfy the material and cultural needs of the members of society more fully.