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

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  • Geoff C. Harcourt

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

Abstract

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.)

Suggested Citation

  • Geoff C. Harcourt, 2014. "On the Cambridge, England, Critique of the Marginal Productivity Theory of Distribution," Discussion Papers 2014-37, School of Economics, The University of New South Wales.
  • Handle: RePEc:swe:wpaper:2014-37
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    File URL: http://research.economics.unsw.edu.au/RePEc/papers/2014-37.pdf
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    References listed on IDEAS

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    7. Pierangelo Garegnani, 2005. "Capital And Intertemporal Equilibria: A Reply To Mandler ," Metroeconomica, Wiley Blackwell, vol. 56(4), pages 411-437, November.
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    Cited by:

    1. Harvey Gram & Geoffrey Harcourt, 2015. "Joan Robinson and MIT," Working Papers 9, City University of New York Graduate Center, Ph.D. Program in Economics.

    More about this item

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian

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