The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Distribution Theories: Neoclassical

  • Christopher Bliss
Reference work entry


Whenever a theory becomes involved in controversy the question of what constitutes that theory itself becomes a contentious issue, and the neoclassical theory of distribution is no exception to that general rule. Some have seen marginal productivity as an essential feature of neoclassical theory. Others have regarded the aggregation of capital or an aggregate production function (even a function of the Cobb–Douglas form) as essential. Neoclassical distribution theory is viewed as general equilibrium theory by many but Friedman has defended the ‘Marshallian’ or partial equilibrium approach.

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Christopher Bliss
    • 1
  1. 1.