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Malinvaud on Wicksell’s legacy to capital theory: some critical remarks

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  • Fratini, Saverio M.

Abstract

This critique of Malinvaud’s article of 2003 on Wicksell’s legacy to capital theory focuses in particular on three points raised there. The first regards the given amount of existing capital that appears in Wicksell’s theory and its connection with his alleged “missing equation”, the second the particular notion of the marginal product of capital adopted by Malinvaud and the meaning of its equality with the rate of interest, and the third the concept of the average period of production taken by Malinvaud from Hicks and its inverse relation to the rate of interest.

Suggested Citation

  • Fratini, Saverio M., 2012. "Malinvaud on Wicksell’s legacy to capital theory: some critical remarks," MPRA Paper 39574, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:39574
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    References listed on IDEAS

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    1. Paolo Trabucchi, 2011. "Capital as a Single Magnitude and the Orthodox Theory of Distribution in Some Writings of the Early 1930s," Review of Political Economy, Taylor & Francis Journals, vol. 23(2), pages 169-188, April.
    2. Kurz, Heinz D. & Salvadori, Neri, 2001. "The aggregate neoclassical theory of distribution and the concept of a given value of capital: a reply," Structural Change and Economic Dynamics, Elsevier, vol. 12(4), pages 479-485, December.
    3. Heinz D. Kurz, 2000. "Wicksell and the Problem of the "Missing" Equation," History of Political Economy, Duke University Press, vol. 32(4), pages 765-788, Winter.
    4. Saverio M. Fratini, 2014. "The Hicks-Malinvaud average period of production and 'marginal productivity': A critical assessment," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(1), pages 142-157, February.
    5. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, September.
    6. Burmeister,Edwin, 1980. "Capital Theory and Dynamics," Cambridge Books, Cambridge University Press, number 9780521297035, October.
    7. P. Garegnani, 1970. "Heterogeneous Capital, the Production Function and the Theory of Distribution," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 37(3), pages 407-436.
    8. Potestio, Paola, 1999. "The aggregate neoclassical theory of distribution and the concept of a given value of capital: towards a more general critique," Structural Change and Economic Dynamics, Elsevier, vol. 10(3-4), pages 381-394, December.
    9. Fabio Petri, 2004. "General Equilibrium, Capital and Macroeconomics," Books, Edward Elgar Publishing, number 3438.
    10. repec:bla:ecorec:v:78:y:2002:i:243:p:375-80 is not listed on IDEAS
    11. Saverio M. Fratini, 2010. "Reswitching And Decreasing Demand For Capital," Metroeconomica, Wiley Blackwell, vol. 61(4), pages 676-682, November.
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    Cited by:

    1. Saverio M. Fratini, 2019. "A note on re-switching, the average period of production and the Austrian business-cycle theory," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 363-374, December.
    2. Dvoskin, Ariel & Fratini, Saverio M., 2015. "On the Samuelson-Etula Master Function and Marginal Productivity: some old and new critical remarks," MPRA Paper 63415, University Library of Munich, Germany.
    3. Peter Lewin & Nicolas Cachanosky, 2019. "Re-switching, the average period of production and the Austrian business-cycle theory: A comment on Fratini," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 375-382, December.
    4. Ariel Dvoskin & Saverio M. Fratini, 2016. "On the Samuelson–Etula Master Function and the capital controversy," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 23(6), pages 1032-1058, November.
    5. Saverio M. Fratini, 2019. "Neoclassical theories of stationary relative prices and the supply of capital," Metroeconomica, Wiley Blackwell, vol. 70(4), pages 723-737, November.
    6. Fratini, Saverio M., 2018. "A note on re-switching and the neo-Austrian concept of the average period of production," MPRA Paper 87306, University Library of Munich, Germany.

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    More about this item

    Keywords

    Average period of production; Malinvaud; marginalist theory; theory of capital; Wicksell;
    All these keywords.

    JEL classification:

    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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