This paper proves that the neoclassical concept of factor produc tivity cannot be used to show that competition and exploitation are mutually ex clusive phenomena. Consequently, no theoretical basis exists for the neoclassical theory of income distribution.
Get full access to this article
View all access options for this article.
References
1.
Bilas, Richard A., Microeconomic Theory: A Graphical Analysis, New York: McGraw-Hill, 1967.
2.
Boulding, Kenneth E., Collected Papers, V. 2, Glahe, Fred, Ed., Boulder Colorado: Colorado University Press, 1971.
3.
Clark, John Bates, The Distribution of Wealth, New York: Macmillan, 1927 (1899). Reprinted by Kelly and Millman, New York, 1956 .
4.
_____________, (91), "Distribution as Determined by a Law of Rent," Quarterly Journal ofEconomics, V. 5, No. 3, April 1891, pp. 289-318.
5.
Clark, J.M., "Distribution," in Fellner and Haley, pp. 58-71.
6.
Cohen, Kalman J. and Cyert, Richard M. , Theory of the Firm, Englewood Cliffs: Prentice-Hall, 1965.
7.
Erdos, Peter, "The Application of Marx's Model of Expanded Reproduction to Trade Cycle Theory," in C.H. Feinstein, Socialism, Capitalism and Economic Growth, Cambridge , Cambridge University Press, 1967 .
8.
Fellner, William, and Haley, Bernard F., Eds., Readings in the Theory of Income Distribution, (American Economics Association, Homewood, Illinois: Richard D. Irwin, 1951.
Hobson, J.A., "Marginal Units in the Theory of Distribution," Journal of Political Economy, V. 12, Sept. 1904, pp. 449-472.
11.
Kaldor, N., "Alternative Theories of Distribution," Review of Economic Studies , V. 23, No. 2, 1955-6.
12.
Also in Nicholas Kaldor, Essays on Value and Distribution, Free Press of Glencoe, Illinois, 1960, pp. 209-236.
13.
Lang, Oskar, "Marxian Economics and Modern Economic Theory," The Review of Economic Studies, V. 2, No. 3, June 1935, pp. 189-201.
14.
Leftwich, Richard H., The Price System and Resource Allocation, New York : Holt, Rinehart and Winston, 1961 . Also, 4th ed., Hinsdale, Illinois : Dryden Press, 1970.
Marx, Karl, Capital, V. 1, Chicago : Charles H. Kerr, 1906.
17.
Meade, J.E., A Neo-Classical Theory of Economic Growth, New York: Oxford University Press, 1961.
18.
Nuti, D.M., " 'Vulgar Economy' in the Theory of Income Distribution," De Economist, V. 118, 1970, pp. 363-369.
19.
Also in, E.K. Hunt and Jesse G.Schwartz, A Critique of Economic Theory, Kingsport, Tennessee : Kingsport Press, 1972 , pp. 222-232.
20.
Robertson, Dennis H., "Wage-Grumbles," in Fellner and Haley, pp. 221-236.
21.
_____, ____, (58), Lectures on Economic Principles, V. 2, London: Staples Press, 1958.
22.
Robinson, Joan, (69), The Economics of Imperfect Competition, London : Macmillan, St. Martin's Press, 1969.
23.
___, __, (73a), Collected Economic Papers, V. 4, New York: Humanities Press, 1973.
24.
__, ___, (73b), Economic Heresies, New York: Basic Books, 1973.
25.
Roll, Eric, A History of Economic Thought, Englewood Cliffs, N.J.: Prentice-Hall, 1964.
26.
Russell, Bertrand, The Prospects of Industrial Civilization, New York : Century, 1923.
27.
Samuelson, Paul A., (51), Economics, 2nd. ed., New York: McGraw-Hill, 1951.
28.
____,____ , (61), Economics, 5th ed., New York: McGraw-Hill, 1961.
29.
__________, (67), "The Monopolistic Competition Revolution," in Robert E. Kuenne, Ed., Monopolistic Competition Theory, New York: John Wiley and Sons, 1967.
30.
— ,—, (70), Economics, 8th ed., New York: McGraw-Hill, 1970.
31.
___, __ , (71), "Understanding the Marxian Notion of Exploitation: A Summary of the So-Called Transformation Problem Between Marxian Values and Competitive Prices," Journal of Economic Literature, V. 9, No. 2, June 1971. pp. 399-431.
32.
Scitovsky, Tibor, Welfare and Competition, Chicago: Richard Irwin, 1951.
33.
Shackle, G.L.S., The Years of High Theory, Cambridge, England: Cambridge University Press, 1967.
34.
Shaw, George Bernard, Intelligent Woman's Guide to Socialism and Capitalism, New York: Brentano's, 1928.
35.
Solow, R.M., "The Production Function and the Theory of Capital," Review of Economic Studies, V. 23, No. 2, 1955-6, pp. 101-108.
36.
Stigler, George, (39), "Production and Distribution in the Short Run," Journal of Political Economy, V. 47, No. 3, June 1939, pp. 305-327. Also in Fellner and Haley, pp. 119-142.
37.
— ,—, (41), Production and Distribution Theories , New York: Macmillan, 1941.
38.
___,____ (65), Essays in the History of Economics, Chicago : University of Chicago Press, 1965 .
39.
__, ____ (66), The Theory of Price, New York: Macmillan, 1966.
40.
Taussig, Frank W., (15), Principles of Economics, V. 2, New York: Macmillan, 1915.
41.
___, _____, (39), Principles of Economics, V. 1 and 2, New York: Macmillan, 1939.
42.
Valk, Willem L., The Principles of Wages, London: P.S. King & Son, 1928.
43.
Vickrey, William S., Microstatics, New York: Harcourt, Brace and World, 1964.
44.
Watson, Donald S., Price Theory and Its Uses, Boston: Houghton Mifflin, 1963. Also, 2nd ed., 1968.
