Average and Marginal Labour Values are: On Log (n)—A Reply to Hagendorf
The article discusses Hagendorf's contribution to the debate on average versus marginal labour costs as a metric of economic efficiency. It criticises his assumption of rising marginal costs and compares his position to that of other authorities. It provides arguments as to why marginal labour...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Pluto Journals
2014-06-01
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| Series: | World Review of Political Economy |
| Online Access: | https://www.scienceopen.com/hosted-document?doi=10.13169/worlrevipoliecon.5.2.0258 |
| Summary: | The article discusses Hagendorf's contribution to the debate on average versus marginal labour costs as a metric of economic efficiency. It criticises his assumption of rising marginal costs and compares his position to that of other authorities. It provides arguments as to why marginal labour costs tend to fall in industrial economies. It then goes on to look at the practical viability of performing such calculations, using empirical data. These indicate that the non-null elements of the technology matrix tend to grow as n log n , making the calculations tractable. |
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| ISSN: | 2042-891X 2042-8928 |