von Thünen:Capital, Production Functions, Marginal Productivity Wages, and the Natural Wage
| Autor: | Bjarne S. Jensen |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2017 |
| Předmět: |
Economics and Econometrics
Labour economics 060106 history of social sciences Marginal product of labor media_common.quotation_subject 05 social sciences Wage 06 humanities and the arts Production function natural wage objective function Capital (economics) Efficiency wage 0502 economics and business Marginal product Economics Production (economics) 0601 history and archaeology Production functions 050207 economics marginal productivity and substitution elasticity media_common |
| Zdroj: | Jensen, B S 2017, ' von Thünen : Capital, Production Functions, Marginal Productivity Wages, and the Natural Wage ', German Economic Review, vol. 18, no. 1, pp. 51-80 . https://doi.org/10.1111/geer.12085 |
| DOI: | 10.1111/geer.12085 |
| Popis: | This paper puts seminal contributions to theory of production functions and maximization of explicit quantitative objective functions by Johann Heinrich von Thünen into a systematic historical perspective. We show that his comprehensive ‘Tableau Economiques’ do imply two exact parametric production functions. Moreover, the renowned ‘geometric mean wage’ formula is restated as an exact CES marginal labor productivity wage for σ= 2. We review four alternative modes of normative (natural) wage calculations without an explicit production function, and conclude that von Thünen’s natural wage differentiation formulas are bona fide alternatives for deriving the natural wage formula. |
| Databáze: | OpenAIRE |
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