Search results for "marginal productivity"
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On John Bates Clark's “Naive Productivity Ethics”: A Note
2023
Abstract This article explores in detail the reactions among American economists to John Bates Clark's famously controversial claim that the marginal productivity theory of factor pricing and distribution is necessarily just. The general debate around Clark's “naïve productivity ethics,” as George Stigler sharply called it, transcended the then existing distinctions within the discipline and involved figures of virtually all theoretical and ideological persuasions—from prolabor progressives such as Richard T. Ely to staunch conservatives such as Thomas Nixon Carver. Our reconstruction reveals that, contrary to several standard historical accounts, for American early twentieth-century margin…
John M. Clark and frank H. Knight on the adding-up theorem, overhead costs, and more
2018
This note offers new archival insight into a 1925 polemical exchange between Frank Knight and John Maurice Clark that was hosted in the pages of Journal of Political Economy. Although the exchange centered on the effects of overhead costs on marginal productivity theory and the so-called adding-up theorem, it also provided significant elements to assess the methodological differences between two of the most representative American economists of the interwar years.
Les limites de la théorie du salaire d'efficience
1998
Efficiency wage theory, evolved by the "new keynesians", is part of a research programme concerned with explaining "involuntary" unemployment as part of the "general equilibrium". So, these works are a synthesis attempt of neo-classical and keynesian analyses in the employment area. Indeed, the authors place their analysis in a walrasian framework, but they integrate a keynesian concept to complete their models. In order to achieve their purpose, the efficiency wage theorists formulate two propositions on which their argument is based: 1° the relation supposed rising between the rate of wage and the productivity of wage earners, 2° the determination of the rate of wage outside the market. W…