The Demand for Labor

Roger D. Johnson

Chapter Chapter 9 in Rediscovering Social Economics, 2017, pp 121-131 from Palgrave Macmillan

Abstract: Abstract Marginal productivity analysis attempted to provide the theoretical basis for deriving a negatively sloped demand for any factor of production that ensures every factor would be justly compensated based upon the relative value of its marginal contribution. The joint use of multiple inputs and the possibility that the productivity of one input can be influenced by another input brings into question the ability to actually identify the relative marginal productivity of each factor. The resulting analysis merely asserts the confluence of the distinct short- and long-run equilibrium conditions without developing a convincing explanation of the appropriate market dynamics.

Keywords: Marginal Productivity; Imperfect Competition; Efficiency Criterion; Perfect Competition; Average Variable Cost (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1007/978-3-319-51265-5_9

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