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The Complex Taxonomy of the Factors

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  • Fred E. Foldvary

Abstract

. Contemporary neoclassical economics has reduced factor analysis to two homogenous inputs, K and L. This excessive simplification has led to a deficient understanding of economic reality and a misunderstanding of concepts such as the producer surplus. This paper presents a taxonomy of the factors, including the complexity of natural resources. A better understanding of the role that factors play will enhance an understanding of economic reality and policy.

Suggested Citation

  • Fred E. Foldvary, 2006. "The Complex Taxonomy of the Factors," American Journal of Economics and Sociology, Wiley Blackwell, vol. 65(3), pages 787-802, July.
    • Handle: RePEc:bla:ajecsc:v:65:y:2006:i:3:p:787-802
    DOI: 10.1111/j.1536-7150.2006.00472.x
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    1. Fred E. Foldvary, 2005. "Geo-Rent: A Plea to Public Economists," Econ Journal Watch, Econ Journal Watch, vol. 2(1), pages 106-132, April.
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    Cited by:

    1. Foldvary, Fred Emanuel & Minola, Luca Andrea, 2017. "The taxation of land value as the means towards optimal urban development and the extirpation of excessive economic inequality," Land Use Policy, Elsevier, vol. 69(C), pages 331-337.

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