The Marginal Productivity Theory Of The Price Of Capital: An Historical Perspective On The Origins Of The Codswallop

Roy Grieve ()

No 2012-05, SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE)

Abstract: Although it might have been expected that, by this point in time, the unacceptability of the marginal productivity theory of the return on capital would be universally agreed, that is evidently not the case. Popular textbooks still propound the dogma to the innocent. This note is presented in the hope that a succinct indication of the origins of the theory it will contribute to a more general appreciation of the unrealistic and illogical nature of this doctrine.

Keywords: marginal revolution; marginal productivity theory of distribution; reswitching (search for similar items in EconPapers)
Date: 2012
New Economics Papers: this item is included in nep-his and nep-hme
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