A. R. J. Turgot's capital theory is rightly famous. This paper argues that his contribution to distribution theory should also be recogniz ed as a major achievement. The interest rate (or profit rate) is equa lized between different activities and governed by returns at the agr icultural margin (intensive and extensive). Returns decrease as the m argin moves out with capital accumulation. This implies a rent theory and a theory of accumulation substantially equivalent to that of Dav id Ricardo, and makes Turgot, who wrote before Adam Smith, the origin al inventor of the main lines of classical economics. Copyright 1987 by The Review of Economic Studies Limited.
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Article provided by London School of Economics and Political Science in its journal Economica.
Volume (Year): 54 (1987) Issue (Month): 216 (November) Pages: 417-28 Download reference. The following formats are available: HTML
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