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

  • Fratini, Saverio M.

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.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 39574.

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Date of creation: 20 Jun 2012
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Handle: RePEc:pra:mprapa:39574
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  1. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, September.
  2. 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.
  3. Fratini, Saverio M., 2009. "Reswitching And Decreasing Demand For Capital," MPRA Paper 13389, University Library of Munich, Germany.
  4. 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.
  5. 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.
  6. 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.
  7. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December.
  8. Burmeister,Edwin, 1980. "Capital Theory and Dynamics," Cambridge Books, Cambridge University Press, number 9780521297035, September.
  9. 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.
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