Economics Dictionary of ArgumentsHome
| |||
|
| |||
| Distribution Theory: The Distribution Theory in economics explains how income and wealth are allocated among individuals, factors of production (labor, capital, land), or social groups. It examines wages, profits, and rents, influenced by productivity, market forces, and policies. Key theories include classical, neoclassical, and Keynesian approaches, each offering different views on income distribution and economic inequality. See also Value- and distribution theory, Wages, Income, Factors of production, Profit, Rent, Neoclassical economics, Keynesianism._____________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. | |||
| Author | Concept | Summary/Quotes | Sources |
|---|---|---|---|
|
Joan Robinson on Distribution Theory - Dictionary of Arguments
Harcourt 18 Distribution theory/Robinson/Harcourt: The first puzzle is to find a unit in which capital, social or aggregate value capital, that is, may be measured as a number, Le. a unit, which is independent of distribution and relative prices, so that it may be inserted in a production function where along with labour, also suitably measured, it may explain the level of aggregate output. Furthermore, in a perfectly competitive economy in which there is perfect foresight (either in fact or for convenience of measurement, see Champernowne [1953-4])(1) and, (…) static expectations that are always realized, this unit must be such that the partial derivative of output with respect to 'capital' equals the reward to 'capital' and the corresponding one with respect to labour equals the real (product) wage of labour. >D. G. Champernowne. Marginal productivity: The unit would then provide the ingredients of a marginal productivity theory of distribution as well. If such a unit can be found, two birds may be killed with the one stone; for we may then analyse a system of production in which capital goods - produced means of production - are an aid to labour, a feature of any advanced industrial society Harcourt I 19 and, simultaneously, we may analyse distribution in a capitalist economy in which the institutions are such that property in value capital means that its owners share in the distribution of the national income by receiving profits on their invested capital, where both the amount of these profits and the rate of profits itself are related to the technical characteristics of the system of production. Factor price: Moreover, by making the pricing of the factors of production but one aspect of the general pricing-process of commodities, itself regarded as a reflection of the principles of rational choice under conditions of scarcity and so thought to be independent of sociological and institutional features, both the original neoclassicals and now their successors hoped to escape from uncomfortable questions thrown up by the Ricardian-Marxian scheme, for example, whether relative bargaining strengths or differing market structures could affect the distribution of income, see Dobb [1970](2). >Capital/Robinson. 1. Champernowne, D. G. [1953-4] 'The Production Function and the Theory of Capital: A Comment', Review of Economic Studies, xxi, pp. 112-35 2. Dobb, Maurice [1970] 'The Sraffa System and Critique of the Neo-Classical Theory of Distribution', De Economist, 4, pp. 347-62._____________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. |
EconRobin I James A. Robinson James A. Acemoglu Why nations fail. The origins of power, prosperity, and poverty New York 2012 Robinson I Jan Robinson An Essay on Marxian Economics London 1947 Harcourt I Geoffrey C. Harcourt Some Cambridge controversies in the theory of capital Cambridge 1972 |
||
Authors A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Concepts A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
