Capital as a Single Magnitude and the Orthodox Theory of Distribution in Some Writings of the Early 1930s
Some writings of the early 1930s by Dennis Robertson and John Hicks present, with a clarity not easily found elsewhere, the reasons why marginalist economists, who until recent decades normally treated capital as a single magnitude, were in fact compelled to do so. This paper focuses on a first reason that emerges from these writings: namely the fact that only this treatment of capital can lend plausibility to the notion of substitutability between factors of production on which the orthodox theory of distribution is built.
Volume (Year): 23 (2011)
Issue (Month): 2 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/CRPE20 |
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/CRPE20|
When requesting a correction, please mention this item's handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:169-188. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty)
If references are entirely missing, you can add them using this form.