Abstract
Marginal productivity analysis attempted to provide the theoretical basis for deriving a negatively sloped demand for any factor of production that ensures every factor would be justly compensated based upon the relative value of its marginal contribution. The joint use of multiple inputs and the possibility that the productivity of one input can be influenced by another input brings into question the ability to actually identify the relative marginal productivity of each factor. The resulting analysis merely asserts the confluence of the distinct short- and long-run equilibrium conditions without developing a convincing explanation of the appropriate market dynamics.
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Bibliography
Mirowski, Phillip. 1989. More Heat Than Light: Economics as Social Physics, Physics as Nature’s Economics. Cambridge: Cambridge University Press.
Steinbeck, John. 1939. The Grapes of Wrath. New York; Penguin Group, 1986 Reprint.
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Johnson, R.D. (2017). The Demand for Labor. In: Rediscovering Social Economics. Perspectives from Social Economics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-51265-5_9
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DOI: https://doi.org/10.1007/978-3-319-51265-5_9
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