The Complex Taxonomy of the Factors

Fred Foldvary

American Journal of Economics and Sociology, 2006, vol. 65, issue 3, 787-802

Abstract: Abstract. Contemporary neoclassical economics has reduced factor analysis to two homogenous inputs, K and L. This excessive simplification has led to a deficient understanding of economic reality and a misunderstanding of concepts such as the producer surplus. This paper presents a taxonomy of the factors, including the complexity of natural resources. A better understanding of the role that factors play will enhance an understanding of economic reality and policy.

Date: 2006
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