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 |
| _version_ | 1827954762963746816 |
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| author | Michael Reifferscheidt Paul Cockshott |
| author_facet | Michael Reifferscheidt Paul Cockshott |
| author_sort | Michael Reifferscheidt |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-04-09T14:34:27Z |
| format | Article |
| id | doaj.art-1f26a0f1578d4a5caeecc0ac6db3216c |
| institution | Directory Open Access Journal |
| issn | 2042-891X 2042-8928 |
| language | English |
| last_indexed | 2024-04-09T14:34:27Z |
| publishDate | 2014-06-01 |
| publisher | Pluto Journals |
| record_format | Article |
| series | World Review of Political Economy |
| spelling | doaj.art-1f26a0f1578d4a5caeecc0ac6db3216c2023-05-03T13:50:51ZengPluto JournalsWorld Review of Political Economy2042-891X2042-89282014-06-015225827510.13169/worlrevipoliecon.5.2.0258Average and Marginal Labour Values are: On Log (n)—A Reply to HagendorfMichael ReifferscheidtPaul CockshottThe 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.https://www.scienceopen.com/hosted-document?doi=10.13169/worlrevipoliecon.5.2.0258 |
| spellingShingle | Michael Reifferscheidt Paul Cockshott Average and Marginal Labour Values are: On Log (n)—A Reply to Hagendorf World Review of Political Economy |
| title | Average and Marginal Labour Values are: On Log (n)—A Reply to Hagendorf |
| title_full | Average and Marginal Labour Values are: On Log (n)—A Reply to Hagendorf |
| title_fullStr | Average and Marginal Labour Values are: On Log (n)—A Reply to Hagendorf |
| title_full_unstemmed | Average and Marginal Labour Values are: On Log (n)—A Reply to Hagendorf |
| title_short | Average and Marginal Labour Values are: On Log (n)—A Reply to Hagendorf |
| title_sort | average and marginal labour values are on log n a reply to hagendorf |
| url | https://www.scienceopen.com/hosted-document?doi=10.13169/worlrevipoliecon.5.2.0258 |
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