Malinvaud on Wicksell’s legacy to capital theory: some critical remarks
AbstractThis critique of Malinvaud’s article of 2003 on Wicksell’s legacy to capital theory focuses in particular on three points raised there. The first regards the given amount of existing capital that appears in Wicksell’s theory and its connection with his alleged “missing equation”, the second the particular notion of the marginal product of capital adopted by Malinvaud and the meaning of its equality with the rate of interest, and the third the concept of the average period of production taken by Malinvaud from Hicks and its inverse relation to the rate of interest.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 39574.
Date of creation: 20 Jun 2012
Date of revision:
Average period of production; Malinvaud; marginalist theory; theory of capital; Wicksell;
Find related papers by JEL classification:
- D33 - Microeconomics - - Distribution - - - Factor Income Distribution
- B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-07-01 (All new papers)
- NEP-HME-2012-07-01 (Heterodox Microeconomics)
- NEP-HPE-2012-07-01 (History & Philosophy of Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Saverio M. Fratini, 2011.
"The Hicks-Malinvaud average period of production and 'marginal productivity': a critical assessment,"
Departmental Working Papers of Economics - University 'Roma Tre'
0128, Department of Economics - University Roma Tre.
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- Fratini, Saverio M., 2009.
"Reswitching And Decreasing Demand For Capital,"
13389, University Library of Munich, Germany.
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- Kurz,Heinz D. & Salvadori,Neri, 1997.
"Theory of Production,"
Cambridge University Press, number 9780521588676, 9.
- Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December.
- Heinz D. Kurz, 2000. "Wicksell and the Problem of the "Missing" Equation," History of Political Economy, Duke University Press, vol. 32(4), pages 765-788, Winter.
- Kurz, Heinz D. & Salvadori, Neri, 2001. "The aggregate neoclassical theory of distribution and the concept of a given value of capital: a reply," Structural Change and Economic Dynamics, Elsevier, Elsevier, vol. 12(4), pages 479-485, December.
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