Polemic on Relationship between the Neoclassical Production Function and the Theory of Distribution Cover Image

Polemika o vztahu neoklasické produkční funkce a teorie rozdělování
Polemic on Relationship between the Neoclassical Production Function and the Theory of Distribution

Author(s): Aleš Kocourek, Iva Nedomlelová
Subject(s): Economy
Published by: Ekonomický ústav SAV a Prognostický ústav SAV
Keywords: Cobb-Douglas production function; theory of distribution; capital; labor; neoclassical economics; postkeynesian economics; technological progress

Summary/Abstract: The neoclassical production function stands for a corner-stone of majority of neoclassical schools of macroeconomics. Its history has been bound with such well-known names as A. Marshall, K. Wicksell, C. Cobb, P. Douglas, P. Samuelson, R. Solow, etc. On the other hand, the neoclassical concept of production function has also faced some criticism during second half of the 20th century coming especially from Europe (J. Robinson, P. Sraffa, L. Pasinetti, P. Sylos Labini, etc.). No matter how rigorous and robust their reproaches were, their critical opinions have never really been reflected in the mainstream economics. The article reopens the debate on validity of presumptions of the neoclassical concept of production function and theory of distribution. Its authors bring objective and unbiased view of the centennial history of various production functions, they show their relations to theories of distribution, and by doing so they hope to attract attention of contemporary economists to the old and yet unsettled issues.

  • Issue Year: 58/2010
  • Issue No: 05
  • Page Range: 492-511
  • Page Count: 20
  • Language: Czech