Still More on Why We Should Bury the Marginal Productivity Theory of the Price of Capital : a Supplementary Note

Grieve, Roy (2012) Still More on Why We Should Bury the Marginal Productivity Theory of the Price of Capital : a Supplementary Note. Discussion paper. University of Strathclyde, Glasgow.

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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 surplusproducing economic system as distinct from one merely of exchange.

  • Item type:Monograph(Discussion paper)
    ID code:67942
    Dates:
    Date
    Event
    2012
    Published
    Notes:Published as a paper within the Discussion Papers in Economics, No. 12-15 (2012)
    Subjects:Social Sciences > Economic Theory
    Department:Strathclyde Business School > Economics
    Depositing user: Pure Administrator
    Date deposited:22 May 2019 08:48
    Last modified:09 Apr 2024 04:42
    URI:https://strathprints.strath.ac.uk/id/eprint/67942
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