Economics Dictionary of ArgumentsHome
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| 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. | |||
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Geoffrey C. Harcourt on Distribution Theory - Dictionary of Arguments
Harcourt I 1 Distribution theory/Neoclassical economics/VsKeynesianism/Harcourt: There is a fundamental cleavage between the two groups, especially on whether distribution theory may be regarded as just an aspect of the marginal theory of value - the neoclassical(1) and neo-neoclassical view. Neo-Keynesianism: By contrast, the neo-Keynesians consider that the elements of the theory of distribution do not necessarily coincide with those that are relevant to the theory of value. They are especially critical of the neoclassical links between equilibrium factor prices and the marginal products of 'factors'. In classical fashion, that is, in the tradition especially of Ricardo and Marx, they argue that the theory of distribution should be analysed in different terms from that of the neoclassical theory of value, with the theory of distribution preceding in context and priority, though not in time, the theory of value. (…) once either the wage rate or the rate of profits is known, so, too, are prices in the neo-Keynesian schema. >Marginalism. 1. By 'neoclassical' we mean the body of doctrine that derives from the writings of the first and second generations of marginalists, whose writings are critically reviewed in Stigler's Production and Distribution Theories, Stigler [1941]. The neoclassicals whose work is most relevant in the context of the issues discussed in this book are Marshall, Walras, Wicksell, J. B. Clark and Wicksteed._____________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. |
Harcourt I Geoffrey C. Harcourt Some Cambridge controversies in the theory of capital Cambridge 1972 |
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