The Marginal Productivity Theory Of The Price Of Capital: An Historical Perspective On The Origins Of The Codswallop
AbstractAlthough it might have been expected that, by this point in time, the unacceptability of the marginal productivity theory of the return on capital would be universally agreed, that is evidently not the case. Popular textbooks still propound the dogma to the innocent. This note is presented in the hope that a succinct indication of the origins of the theory it will contribute to a more general appreciation of the unrealistic and illogical nature of this doctrine.
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Bibliographic InfoPaper provided by Scottish Institute for Research in Economics (SIRE) in its series SIRE Discussion Papers with number 2012-05.
Date of creation: 2012
Date of revision:
marginal revolution; marginal productivity theory of distribution; reswitching;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-06-25 (All new papers)
- NEP-HIS-2012-06-25 (Business, Economic & Financial History)
- NEP-HME-2012-06-25 (Heterodox Microeconomics)
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- Roy Grieve, 2012. "Still more on why we should bury the Marginal Productivity Theory of the Price of Capital: A Supplementary Note," Working Papers 1215, University of Strathclyde Business School, Department of Economics.
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