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Still more on why we should bury the Marginal Productivity Theory of the Price of Capital: A Supplementary Note

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  • Roy Grieve

    (Department of Economics, University of Strathclyde)

Abstract

The purpose of this note is to supplement the author’s earlier remarks on the unsatisfactory nature of the neoclassical account of how the return on capital is determined. (See Strathclyde Discussion Paper 12-03: “The Marginal Productivity Theory of the Price of Capital: An Historical Perspective on the Origins of the Codswallopâ€). The point is made via a simple illustration that certain matters which are problematical in neoclassical terms are perfectly straightforward when viewed from a classical perspective. Basically, the marginalist model of the nature of an economic system is not fit for purpose in that it fails to comprehend the essential features of a surplus-producing economic system as distinct from one merely of exchange.

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Bibliographic Info

Paper provided by University of Strathclyde Business School, Department of Economics in its series Working Papers with number 1215.

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Length: 12 pages
Date of creation: Oct 2012
Date of revision:
Publication status: Published
Handle: RePEc:str:wpaper:1215

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Keywords: marginal productivity theory of distribution; reswitching;

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  1. Grieve, Roy, 2012. "The Marginal Productivity Theory Of The Price Of Capital: An Historical Perspective On The Origins Of The Codswallop," SIRE Discussion Papers 2012-05, Scottish Institute for Research in Economics (SIRE).
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