J.B. Clark and P.H. Wicksteed: the Development of Marginal Productivity Theory

Gianni Vaggi and Peter Groenewegen
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Peter Groenewegen: University of Sydney

Chapter 23 in A Concise History of Economic Thought, 2003, pp 235-243 from Palgrave Macmillan

Abstract: Abstract The application of the new marginalist theory to the theory of distribution was essentially the work of two men, J.B. Clark in the United States, and Philip Wicksteed in the United Kingdom, who coordinated the laws of distribution by a judicious use of Euler’s theorem. Since Clark’s analysis is logically preliminary to that of Wicksteed, this chapter starts with his account of the marginal productivity theory.

Keywords: Marginal Utility; Marginal Productivity; Productive Service; Factor Service; Perfect Competition (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50580-3_23

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DOI: 10.1057/9780230505803_23

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