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The Hicks-Malinvaud average period of production and 'marginal productivity': a critical assessment

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  • Saverio M. Fratini

Abstract

Malinvaud (2003) observed that once techniques are ranked according to Hick’s concept of average period for a given rate of interest, a rise in the latter entails the use of a technique with a shorter average period. After a reconstruction of Malinvaud’s argument, it is shown that the result is far less encouraging for neoclassical theory than it might seem. The most important problem is not the fact that change in the interest rate affects the average period associated with a technique, despite the concern this aroused in Hicks and Malinvaud, but rather that it affects the ranking of techniques.

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Paper provided by Department of Economics - University Roma Tre in its series Departmental Working Papers of Economics - University 'Roma Tre' with number 0128.

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Date of creation: Apr 2011
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Handle: RePEc:rtr:wpaper:0128

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Keywords: Average period of production; capital; interest rate; Wicksell;

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  1. Fratini, Saverio M., 2009. "Reswitching And Decreasing Demand For Capital," MPRA Paper 13389, University Library of Munich, Germany.
  2. Kurz,Heinz D. & Salvadori,Neri, 1995. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521443258.
  3. Edmond Malinvaud, 2003. "The Legacy of Knut Wicksell to Capital Theory," Scandinavian Journal of Economics, Wiley Blackwell, vol. 105(4), pages 507-525, December.
  4. Burmeister,Edwin, 1980. "Capital Theory and Dynamics," Cambridge Books, Cambridge University Press, number 9780521297035.
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Cited by:
  1. Fratini, Saverio M., 2012. "Malinvaud on Wicksell’s legacy to capital theory: some critical remarks," MPRA Paper 39574, University Library of Munich, Germany.

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