The Theory of Marginal Productivity Tested by Data for Manufacturing in Victoria, II

Abstract

VII. Relative marginal productivities of labor and capital, 215.— Time-drift in the data, 220.— VIII. Correspondence between the productivity attributable to labor by the production formula and the actual course of wages, 221.— Possible explanations of the apparent discrepancy, 224.— Correlation between real earnings and marginal product per worker, 232.— Value productivities and real earnings, 238. —IX. Summary and general considerations, 242.— Some criticisms considered: David Durand's, 244; J. M. Clark's, 246.— The paradox of rising interest rates, 248.