The great debates on the laws of returns and the value of capital: when will economists finally accept their own logic?
DOI:
https://doi.org/10.13133/2037-3643/10832Keywords:
theory of the firm, prices, capital, marginalismAbstract
Despite long years of important studies and critical debates, economists who have come to grips with the laws of returns and the value of capital are few and far between. The criticisms have been ignored or regarded to the category of “paradoxes”, so as to put them on one side and thus justify the failure to give up outdated approaches. The work provides a thorough examination of this state of affairs. The author deals with fundamental questions regarding the theory of the firm and the connected theory of prices and the theory of capital, highlighting both the formal as well as the substantial differences between marginalists and the critics of marginalism.
JEL: D22, E30, E22
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