Theory of Capital by J. A. Kregel (auth.)
By J. A. Kregel (auth.)
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Example text
The rate of interest or profit is then the price of this extra consumption and Fisher's theory joins up with the productivity theory of distribution, the fourth proposition. The productivity (or rent) theory is also recent, being found in Clark, Walras, Wicksteed and Knight. It was also held by Wicksell, but again, subject to the problems concerning the value definition of aggregate capital (Wicksteed avoided this problem by keeping to a micro theory in physical units for capital). Clark looked at it only as a broad approximation to a theory of economic dynamics.
310]. But, at any arbitrarily defined point in time where the system is held in suspended animation their return will be determined by this productivity at an imaginary margin. To translate this rental into a rate of interest, as Clark admits, requires the 38 capital value of the physical capital-goods, just as Jevons and Bohm-Bawerk before him. Clark's most distinctive contribution is then not his application of the theory of rent to labour and capital as well as land (Wicksteed [88] developed the theory in even greater detail on the micro level) but the introduction of the static equilibrium as a purely imaginary construction, and the assumption that this construction was of use in economic analysis.
The system satisfying our two conditions is then (280W+180W) (1+0,25) =575W (120W+120W) (1+0'25) =300W (400W+300W) (1+0'25) =875W forPiw=15W. LABOUR AND PRODUCTION We are now ready to re-introduce labour as an input in production to see how this affects the values and prices in our simple system. We thus introduce for each process the quantity of labour, I, required during the production period, paid in terms of wheat units, w, per production period. Thus the wage is viewed as a deduction from the total net surplus that was, in the previous section, distributed wholly as profits at a uniform rate.