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Quesnay and Leontief on Capital and Income

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  • Ormazabal Sánchez, Kepa Mirena

Abstract

I analyze Quesnay's explanation of the "Tableau Economique" of 1766 in order to show that he made a clear distinction between capital and income. In holding this distinction, Quesnay rejected the nowadays currently accepted views that the full value of the national output is equal to aggregate income and that the value of national output is equal to the payments to labor, capital and land. I analyze the foundation upon which Quesnay established the distinction and show that it is sound. In so doing, I also discuss the validity of Phillips' standard interpretation of the "Tableau" in terms of input-output tables. I show that this interpretation distorts Quesnay so seriously that it attributes to him the rejection of the distinction of capital and income. On the theoretical basis provided by the analysis of Quesnay's distinction, I contend that Leontief's input-output tables do not show that the aggegate value of output is equal to aggregate income, but the contrary, that is, that Quesnay's distinction was right.

Suggested Citation

  • Ormazabal Sánchez, Kepa Mirena, 2002. "Quesnay and Leontief on Capital and Income," BILTOKI 1134-8984, Universidad del País Vasco - Departamento de Economía Aplicada III (Econometría y Estadística).
    • Handle: RePEc:ehu:biltok:5717
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    File URL: https://addi.ehu.es/handle/10810/5717
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    References listed on IDEAS

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    1. Almarin Phillips, 1955. "The Tableau Économique as a Simple Leontief Model," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 69(1), pages 137-144.
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