Capital as a Single Magnitude and the Orthodox Theory of Distribution in Some Writings of the Early 1930s

Paolo Trabucchi

Review of Political Economy, 2011, vol. 23, issue 2, 169-188

Abstract: Some writings of the early 1930s by Dennis Robertson and John Hicks present, with a clarity not easily found elsewhere, the reasons why marginalist economists, who until recent decades normally treated capital as a single magnitude, were in fact compelled to do so. This paper focuses on a first reason that emerges from these writings: namely the fact that only this treatment of capital can lend plausibility to the notion of substitutability between factors of production on which the orthodox theory of distribution is built.

Date: 2011
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DOI: 10.1080/09538259.2011.561550

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