THE GENERAL THEORY OF FACTOR. PRICING

IMPACT OF TECHNOLOGICAL PROGRESS ON RELATIVE FACTOR SHARES Recent technical advance in agriculture. industry, trade and transport has raised the question or its effect on the relative remuneration of the factors or proc.luction, in particular of labour and capital....
THE GENERAL THEORY OF FACTOR. PRICING

Relation between Production, Value and Distribution Theories Relation between Production, Value and Distribution Theories Relation Between value and Distribution Theories Value means the price of a product and distribution which makes it possible to build a theory...
THE GENERAL THEORY OF FACTOR. PRICING

Product Exhaustion Problem or Adding Up Problem The marginal productivity theory of distribution states that each factor of production is paid remuneration equal to its marginal product. It has been urged out that if that were so, the total product would be...
THE GENERAL THEORY OF FACTOR. PRICING

Remedies There are two broad remedies : (a) Via Administered Prices. Prices may be fixed or manipulated in favour of the proper sections of society. (b) Via resources Redistribution. Labour resources can be redistributed by increasing vertical mobility, by providing...
THE GENERAL THEORY OF FACTOR. PRICING

TRANSFER EARNINGS Modem economists make use of the concept of transfer earnings, in order to explain the remuneration of the factors of production. Take the case of a worker. SUPIX)Se in his pre. cnt occupation he is earning Rs, 250. In case, he has to give up that...
THE GENERAL THEORY OF FACTOR. PRICING

EQUITY IN INCOME DISTRIBUTION We have studied above the general them y of incollie distribution. Two questions arise: (oj Is the distribution equitable, fair and just’! (II) Why is there inequality of incomes? The first question is ethical and involves value...