Allyn Young’s Contribution to Economic Theory

Ramesh Chandra

Chapter 5 in Allyn Abbott Young, 2020, pp 127-174 from Palgrave Macmillan

Abstract: Abstract Young made many contributions to economic theory. For Young money is at the centre of an economy and prices are antecedent to values. He regarded marginal productivity theory of distribution as a partial explanation of factor rewards. For Young scarcity and productivity meant the same thing, so whether the earnings of capital or labour are attributed to their scarcity or productivity amounts to the same thing. Young was interested in the analysis of various market forms and thought that in the real world competition generally prevailed. He also thought that the case against monopoly was overstated and it was difficult to find a capitalistic monopoly. He presented a circular flow model of an economy and also a theory of an equilibrium rate of progress.

Date: 2020
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DOI: 10.1007/978-3-030-31981-6_5

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