On the Cambridge, England, Critique of the Marginal Productivity Theory of Distribution

26 Pages Posted: 25 Aug 2014

See all articles by G.C. Harcourt

G.C. Harcourt

UNSW Australia Business School, School of Economics

Date Written: August 13, 2014

Abstract

The Cambridge, England, critique of the marginal productivity theory of distribution is hard to disentangle from the related theories and developments that occurred alongside it. These include value theory, price theory, capital theory, growth theory and methodology. Indeed, in the event, I found it impossible to disentangle them and I argue in the concluding section that not being able to do so is no bad thing anyway. The economists associated with the critique – Krishna Bharadwaj, Pierangelo Garegnani, Richard Kahn, Nicholas Kaldor, Luigi Pasinetti, Joan Robinson, Piero Sraffa – were simultaneously developing their own theories of distribution to replace marginal productivity. Their theories were embodied in theories of growth and reflected the methodology associated with the critique and their own developments.

Keywords: Cambridge England Critique, marginal productivity theory of distribution, capital theory

JEL Classification: B00

Suggested Citation

Harcourt, G.C., On the Cambridge, England, Critique of the Marginal Productivity Theory of Distribution (August 13, 2014). UNSW Australia Business School Research Paper No. 2014-37, Available at SSRN: https://ssrn.com/abstract=2486287 or http://dx.doi.org/10.2139/ssrn.2486287

G.C. Harcourt (Contact Author)

UNSW Australia Business School, School of Economics ( email )

High Street
Sydney, NSW 2052
Australia

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