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Malinvaud on Wicksell’s legacy to capital theory: some critical remarks

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  • Fratini, Saverio M.

Abstract

This 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.

Suggested Citation

  • Fratini, Saverio M., 2012. "Malinvaud on Wicksell’s legacy to capital theory: some critical remarks," MPRA Paper 39574, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:39574
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    File URL: https://mpra.ub.uni-muenchen.de/39574/1/MPRA_paper_39574.pdf
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    References listed on IDEAS

    as
    1. 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, vol. 12(4), pages 479-485, December.
    2. 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.
    3. Saverio M. Fratini, 2014. "The Hicks-Malinvaud average period of production and 'marginal productivity': A critical assessment," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(1), pages 142-157, February.
    4. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676.
    5. Burmeister,Edwin, 1980. "Capital Theory and Dynamics," Cambridge Books, Cambridge University Press, number 9780521297035.
    6. P. Garegnani, 1970. "Heterogeneous Capital, the Production Function and the Theory of Distribution," Review of Economic Studies, Oxford University Press, vol. 37(3), pages 407-436.
    7. Potestio, Paola, 1999. "The aggregate neoclassical theory of distribution and the concept of a given value of capital: towards a more general critique," Structural Change and Economic Dynamics, Elsevier, vol. 10(3-4), pages 381-394, December.
    8. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-380, December.
    9. Saverio M. Fratini, 2010. "Reswitching And Decreasing Demand For Capital," Metroeconomica, Wiley Blackwell, vol. 61(4), pages 676-682, November.
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    Cited by:

    1. Dvoskin, Ariel & Fratini, Saverio M., 2015. "On the Samuelson-Etula Master Function and Marginal Productivity: some old and new critical remarks," MPRA Paper 63415, University Library of Munich, Germany.
    2. Fratini, Saverio M., 2017. "Neoclassical theories of stationary relative prices and the supply of capital," MPRA Paper 76343, University Library of Munich, Germany.

    More about this item

    Keywords

    Average period of production; Malinvaud; marginalist theory; theory of capital; Wicksell;

    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, Wicksellian)
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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