Still More On Why We Should Bury The Marginal Productivity Theory Of The Price Of Capital: A Supplementary Note

Roy Grieve (roygrieve@btinternet.com)

No 2013-09, SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE)

Abstract: The purpose of this note is to supplement the author’s earlier remarks on the unsatisfactory nature of the neoclassical account of how the return on capital is determined. (See Strathclyde Discussion Paper 12-03: The Marginal Productivity Theory of the Price of Capital: An Historical Perspective on the Origins of the Codswallop). The point is made via a simple illustration that certain matters which are problematical in neoclassical terms are perfectly straightforward when viewed from a classical perspective. Basically, the marginalist model of the nature of an economic system is not fit for purpose in that it fails to comprehend the essential features of a surplus-producing economic system as distinct from one merely of exchange.

Keywords: marginal productivity theory of distribution; reswitching (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10943/437
Our link check indicates that this URL is bad, the error code is: 404 Not Found

Related works:
Working Paper: Still more on why we should bury the Marginal Productivity Theory of the Price of Capital: A Supplementary Note (2012)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:edn:sirdps:437

Access Statistics for this paper

More papers in SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE) 31 Buccleuch Place, EH8 9JT, Edinburgh. Contact information at EDIRC.
Bibliographic data for series maintained by Research Office (econ-research@ed.ac.uk).