Economics Dictionary of ArgumentsHome
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| Production theory: Production theory in economics examines the processes and principles behind transforming inputs (like labor, capital, and resources) into outputs (goods or services). It explores factors influencing production efficiency, optimal resource allocation, technology's impact on output, and the relationships between inputs and outputs within various production frameworks, guiding decision-making for firms and industries._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Ladislaus von Bortkievicz on Production Theory - Dictionary of Arguments
Kurz I 159 Production theory/Böhm-Bawerk/Bortkievicz/Kurz: (…) Bortkiewicz had turned to a critical examination of Böhm-Bawerk's discussion of which method(s) of production will be chosen by cost-minimizing producers when there is a choice of technique, and which interest rate and prices would obtain. The discussion was based in the usual marginalist way on the assumption that different "quantities of capital" available to producers involve the adoption of different methods of production. More precisely, "the more capital a producer has at his disposal, the higher the output (per unit of labor employed) he produces." Bortkiewicz added that in this version, which avoided the disputed "average period," Böhm-Bawerk's basic underlying idea "can most likely be advocated." VsBöhm-Bawerk: But, Bortkiewicz asked, is it allowed, when the question is to explain the phenomenon of interest, to make a comparison between producers Who are endowed with capital goods in different quantities? Has not Böhm-Bawerk himself explained to the followers of the productivity theory {the reference is especially to Thünen} that a plus of product obtained through a plus of capital is not as such identical with a plus of value, since as a consequence of a stronger participation of the factor capital in production a cheapening of the product may result? (959)(1) >Interest/Bortkievicz. 1. Bortkiewicz, L. v. 1906. Der Kardinalfehler der Böhm-Bawerkschen Zinstheorie. Schmollers Jahrbuch 30: 943-972. Kurz, Heinz D. „Keynes, Sraffa, and the latter’s “secret skepticism“. In: Kurz, Heinz; Salvadori, Neri 2015. Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). London, UK: Routledge._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Bortkievicz, Ladislaus von Kurz I Heinz D. Kurz Neri Salvadori Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). Routledge. London 2015 |
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