Abstract
The paper explains that theory of marginal producativity, the modern form of the factor theory of value has three internal deficiencies. First, capital cannot be measured and the new classical product function cannot exist; second, the cost function cannot be established; third, there is no generality of the hypothetical premise on“no surplus" and the second一order condition of maximum profit cannot be satisfied.
| Translated title of the contribution | Deficiencies of Modern Factor Theory of Value |
|---|---|
| Original language | Chinese (Simplified) |
| Pages (from-to) | 51-57 |
| Number of pages | 7 |
| Journal | 北京师范大学学报(人文社会科学版) |
| Issue number | 04 |
| Publication status | Published - 2002 |
Keywords
- value
- factor of production
- marginal product
- deficiency