The Marginal Productivity Theory Of Distribution
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The Marginal Productivity Theory Of Distribution
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Author : John Pullen
language : en
Publisher: Routledge
Release Date : 2009-06-26
The Marginal Productivity Theory Of Distribution written by John Pullen and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-06-26 with Business & Economics categories.
The Marginal Productivity Theory of Distribution (MPTD) claims that in a free-market economy the demand for a factor of production will depend upon its marginal product – where "marginal product" is defined as the change in total product that is caused by, or that follows, the addition or subtraction of the marginal unit of the factor used in the production process, with all other inputs held constant. From its inception in the early nineteenth century the MPTD has been claimed by some economists to be a solution to the ethical problem of distributive justice, i.e. to be a means of determining fairness in wages, profits, interest and rent. Other economists have rejected this ethical claim, but have seen the MPTD as a valid demand-side criterion in the determination of equilibrium and efficiency. This book argues that the MPTD is valid, neither as a normative theory of social justice, nor as a positive law of economics. It suggests that economics is yet to develop a satisfactory theory of distribution that is scientific in the quantitative or mathematical sense. Through a survey of the origin and subsequent evolution of the MPTD in the writings of over 50 contributors over 150 years, John Pullen presents a critical history of the concept. The book begins by examining the conceptual tools that have been deployed to facilitate this analysis of past contributions to the MPTD and then looks at various economists and their contribution to the debate including its supporters such as Wicksteed, Marshall, Wicksell and Stigler, and its critics such as Pareto, Hobson, Edgeworth, Adriance and Cassel.
The Marginal Productivity Theory Of Distribution
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Author : John Pullen
language : en
Publisher: Routledge
Release Date : 2009-06-26
The Marginal Productivity Theory Of Distribution written by John Pullen and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-06-26 with Business & Economics categories.
The Marginal Productivity Theory of Distribution (MPTD) claims that in a free-market economy the demand for a factor of production will depend upon its marginal product – where "marginal product" is defined as the change in total product that is caused by, or that follows, the addition or subtraction of the marginal unit of the factor used in the production process, with all other inputs held constant. From its inception in the early nineteenth century the MPTD has been claimed by some economists to be a solution to the ethical problem of distributive justice, i.e. to be a means of determining fairness in wages, profits, interest and rent. Other economists have rejected this ethical claim, but have seen the MPTD as a valid demand-side criterion in the determination of equilibrium and efficiency. This book argues that the MPTD is valid, neither as a normative theory of social justice, nor as a positive law of economics. It suggests that economics is yet to develop a satisfactory theory of distribution that is scientific in the quantitative or mathematical sense. Through a survey of the origin and subsequent evolution of the MPTD in the writings of over 50 contributors over 150 years, John Pullen presents a critical history of the concept. The book begins by examining the conceptual tools that have been deployed to facilitate this analysis of past contributions to the MPTD and then looks at various economists and their contribution to the debate including its supporters such as Wicksteed, Marshall, Wicksell and Stigler, and its critics such as Pareto, Hobson, Edgeworth, Adriance and Cassel.
On The Cambridge England Critique Of The Marginal Productivity Theory Of Distribution
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Author : G.C. Harcourt
language : en
Publisher:
Release Date : 2014
On The Cambridge England Critique Of The Marginal Productivity Theory Of Distribution written by G.C. Harcourt and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The Cambridge, England, critique of the marginal productivity theory of distribution is hard to disentangle from the related theories and developments that occurred alongside it. These include value theory, price theory, capital theory, growth theory and methodology. Indeed, in the event, I found it impossible to disentangle them and I argue in the concluding section that not being able to do so is no bad thing anyway. The economists associated with the critique - Krishna Bharadwaj, Pierangelo Garegnani, Richard Kahn, Nicholas Kaldor, Luigi Pasinetti, Joan Robinson, Piero Sraffa - were simultaneously developing their own theories of distribution to replace marginal productivity. Their theories were embodied in theories of growth and reflected the methodology associated with the critique and their own developments.
The Role Of Hobson In The Emergence Of The Marginal Productivity Theory Of Distribution
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Author : Michael Schneider
language : en
Publisher:
Release Date : 1994
The Role Of Hobson In The Emergence Of The Marginal Productivity Theory Of Distribution written by Michael Schneider and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Distribution (Economic theory) categories.
Production And Distribution Theories
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Author : George Joseph Stigler
language : en
Publisher: Transaction Publishers
Release Date : 1994-01-01
Production And Distribution Theories written by George Joseph Stigler and has been published by Transaction Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-01-01 with Business & Economics categories.
Production and Distribution Theories became a landmark in the study of economics when it was published in 1941. Nobel Laureate Stigler's book was the first to trace the development of theories alongside the history of economic thought. Stigler's pioneering effort remains a classic work on the evolution of distribution theory during a critical juncture in the development of modern industrial capitalism. Stigler examines the writings of major economists during the century, including William Stanley Jevons, Phillip Wicksteed, Alfred Marshall, F.Y. Edgeworth, and Leon Walras. He uses their works in order to show a variety of perspectives on distribution theory. Among the methods of thought he explores are neoclassical price theory and marginal productivity theory. In the new introduction, Douglas Irwin illustrates how this book came into being and notes its continuing significance to the study of economics. Joseph Schumpeter commented in his History of Economic Analysis that "this excellent work by a competent theorist is perhaps the best survey in existence of the theoretical work of that period's leaders and is strongly recommended." This judgment still stands. The book will be of great interest to those interested not only in neoclassical economics, but also in the sources of Stigler's economic thought.
The Distribution Of Wealth
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Author : John Bates Clark
language : en
Publisher: Cosimo, Inc.
Release Date : 2005-09-01
The Distribution Of Wealth written by John Bates Clark and has been published by Cosimo, Inc. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-09-01 with Business & Economics categories.
What would be the rate of wages, if labor and capital were to remain fixed in quantity, if improvements in the mode of production were to stop, if the consolidating of capital were to cease and if the wants of consumers were never to alter? The question assumes, of course, that industry shall go on, and that, notwithstanding a paralysis of the forces of progress, wealth shall continue to be created under the influence of a perfectly unobstructed competition. -from the Preface John Bates Clark was the first American economist with an international reputation-this revolutionary 1899 work is what brought him that distinction. In clear, lucid language that makes his economic philosophy so plain we take it for granted today, Clark lays out his Marginal Productivity Theory of Distribution, a rebuttal to Marx and an apologetic for capitalism. Insisting that in a competitive market economy, all work is fully and fairly recompensed and all labor and capital are, in a very real sense, equal components, Clark shattered then widely held theories of economics with his groundbreaking thesis. And his work continues to influence the global financial situation today. American economist JOHN BATES CLARK (1847-1938), who also wrote the significant The Philosophy of Wealth (1885), was professor of political economy at Columbia University and one of the founders of the American Economic Association. The prestigious John Bates Clark Medal for economic thought is named for him.
Theories Of Income Distribution
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Author : Athanasios Asimakopulos
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Theories Of Income Distribution written by Athanasios Asimakopulos and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
This book brings together the work of scholars who have written for it independent essays in their areas of particular expertise in the general field of income distribution. The first eight chapters provide a review of the major theories of income distribution, while the final two are con cerned with problems of empirical estimates and inferences. One of these chapters presents estimates of factor shares in national income in the United States, the United Kingdom and Canada, while the other ex amines how relationships between the size distribution of income and economic development are being investigated. A convenient way of conveying an understanding of how economic theorists have dealt with the distribution of income is to examine separ ately each major approach to this subject. Each contributor was thus assigned a particular approach, or a major theorist. No attempt was made to avoid the apparent duplication that occurs when the same references are examined by different contributors. The reader gains by seeing how the same material can be treated by those looking at it from different perspectives. A chapter each has been devoted to Marx and Marshall.
The Economics Of Distribution
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Author : John Atkinson Hobson
language : en
Publisher:
Release Date : 2019-10
The Economics Of Distribution written by John Atkinson Hobson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10 with Social Science categories.
"The Economics of Distribution" is a 1900 treatise by English economist John Atkinson Hobson. Within it, Hobson attempts to construct a self-consistent theory of Distribution through the analysis of the various process of bargaining that facilitate economic distribution with reference to the factors of production and the beneficiaries of economic cooperation. Contents include: "The Determination of a Marketplace", "Producer's and Consumer's Rents", "The Determination of Long-period Prices and of Value", "The Law of Rent as the Basis of Coordination of the Factors of Production", "The Grading of Labour and Capital. Marginal and Differential Payments", "The Coordination of the Factors of Production. Effects on the Theory of Price and Distribution", etc. John Atkinson Hobson (1858 - 1940) was an English social scientist and economist most famous for his work on imperialism-which notably had an influence on Vladimir Lenin-as well as his theory of underconsumption. His early work also questioned the classical theory of rent and predicted the Neoclassical "marginal productivity" theory of distribution. Many vintage books such as this are becoming increasingly scarce and expensive. We are republishing this volume now in an affordable, modern, high-quality edition complete with an introductory chapter from Hobson's "The Evolution of Modern Capitalism" (1906).
Production And Distribution Theories
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Author : Richard Harding
language : en
Publisher: Routledge
Release Date : 2017-07-28
Production And Distribution Theories written by Richard Harding and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-28 with Business & Economics categories.
Production and Distribution Theories became a landmark in the study of economics when it was published in 1941. Nobel Laureate Stigler's book was the first to trace the development of theories alongside the history of economic thought. Stigler's pioneering effort remains a classic work on the evolution of distribution theory during a critical juncture in the development of modern industrial capitalism.Stigler examines the writings of major economists during the century, including William Stanley Jevons, Phillip Wicksteed, Alfred Marshall, F.Y. Edgeworth, and Leon Walras. He uses their works in order to show a variety of perspectives on distribution theory. Among the methods of thought he explores are neoclassical price theory and marginal productivity theory.In the new introduction, Douglas Irwin illustrates how this book came into being and notes its continuing significance to the study of economics. Joseph Schumpeter commented in his History of Economic Analysis that this excellent work by a competent theorist is perhaps the best survey in existence of the theoretical work of that period's leaders and is strongly recommended. This judgment still stands. The book will be of great interest to those interested not only in neoclassical economics, but also in the sources of Stigler's economic thought.
The Co Ordination Of The Laws Of Distribution
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Author : Philip Henry Wicksteed
language : en
Publisher: Edward Elgar Publishing
Release Date : 1992
The Co Ordination Of The Laws Of Distribution written by Philip Henry Wicksteed and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
This classic work, first published in 1894, has a central place within the development of marginal productivity theory. It is presented here with a long introduction, followed by both a careful analysis of the text and an assessment of Wicksteed's place within the development of modern economics.