An Essay on the Co-ordination of the Laws of Distribution.¶
Wicksteed, P. H. (1894). An Essay on the Co-ordination of the Laws of Distribution.
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1 citation across 1 artifact.
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Primes¶
- Diminishing Returns (Law of)
- and Wicksteed (1894)
This sourceFirst mathematical proof (via Euler's theorem) of the product-exhaustion theorem: under perfect competition and a linearly-homogeneous (constant-returns-to-scale) production function, paying each factor its marginal product exactly exhausts total output — supports the prime's statement of the Wicksteed product-exhaustion theorem.
Supported in partVerified against the work's full text
Wicksteed supplies the marginal-productivity / product-exhaustion formalization and discusses the law of diminishing returns, but does not present himself as formalizing diminishing returns itself.
“its central proposition that, when each of the factors of production is renumerated at a rate determined by its marginal efficiency, the whole product is exactly distributed”
- and Wicksteed (1894)
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