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On the Cambridge, England, Critique of the Marginal Productivity Theory of Distribution

Listed author(s):
  • Geoff C. Harcourt

    (School of Economics, Australian School of Business, the University of New South Wales)

The Cambridge critique of the marginal productivity theory of distribution is entwined with the critics’ theories of value, price, distribution, capital, growth, and methodology that occurred alongside it. The article first discusses these dimensions, then the inescapable need to explain the origin and size and rate of profits in any approach to the theory of distribution. The need in the neoclassical approach to have a unit in which to measure capital that is independent of distribution and prices is examined. The alternative classical/Marxian alternative and the relationship of pricing and market structures to systemic relationships in Post-Keynesian theory are analysed. Unresolved debates among the critics of the mainstream are outlined including those between Garegnani and Hahn. Ways forward are suggested in the concluding section.

(This abstract was borrowed from another version of this item.)

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File URL: http://research.economics.unsw.edu.au/RePEc/papers/2014-37.pdf
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Paper provided by School of Economics, The University of New South Wales in its series Discussion Papers with number 2014-37.

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Length: 26 pages
Date of creation: Aug 2014
Handle: RePEc:swe:wpaper:2014-37
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  9. Avi J. Cohen, 2003. "Retrospectives: Whatever Happened to the Cambridge Capital Theory Controversies?," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 199-214, Winter.
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  19. Bertram Schefold, 2013. "Approximate surrogate production functions," Cambridge Journal of Economics, Oxford University Press, vol. 37(5), pages 1161-1184.
  20. Hahn, F H, 1975. "Revival of Political Economy: The Wrong Issues and the Wrong Argument," The Economic Record, The Economic Society of Australia, vol. 51(135), pages 360-364, September.
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  25. Hahn, Frank, 1982. "The Neo-Ricardians," Cambridge Journal of Economics, Oxford University Press, vol. 6(4), pages 353-374, December.
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