《经济思想史英文课件教学版-Chapter 10 Edgeworth and Clark》由会员分享，可在线阅读，更多相关《经济思想史英文课件教学版-Chapter 10 Edgeworth and Clark（26页珍藏版）》请在金锄头文库上搜索。
1、 Chapter10 TheMarginalistSchool EdgeworthandClark FRANCISY EDGEWORTHJOHNBATESCLARK IndifferenceCurvesandExchangeDuopolyTheoryMarginalVersusAverageProduct 1 FRANCISY EDGEWORTH IndifferenceCurvesandExchange InhisMathematicalPsychics Edgeworthintroducedthenotionof curvesofindifference whichhesaidshowth
2、evariouscombinationsoftwoitemsthatwillyieldanequallevelofutilitytoanindividual Figure10 1Edgeworth sContractCurve ByoverlayingCrusoe sindifferencemaponFriday smap Edgeworthobtainedacontractcurve whichisthelocioftangencypointsofthetwosetsofindifferencecurves HeconcludedthatthepriceofFriday slaborinte
3、rmsofCrusoe smoneyisindeterminate thatitissubjecttobargaining butthatitwillliesomewherealonglineABC Whyisthisso Edgeworth sansweristhatatallpointsotherthanthoseonthelineABC eitherFridayorCrusoecanaddtohisutilitywithoutlesseningtheutilitygainedbytheotherparty Doesthissameindeterminacyoccurundercondit
4、ionsofperfectcompetition Edgeworthcorrectlynotedthatthisisnotthecase undersuchconditionsallthepartiestotrademustacceptthepricesofgoodsandlabordeterminedinthemarket Butinthebilateralmonopolysituation acircumstancewheretherearesinglesellersoneachsideofatransaction thepriceisindeterminate DuopolyTheory
5、 Edgeworth sideaofindeterminacyisalsopresentinhistheoryofduopoly InCournot stheory themaximumprofitorreactioncurvesofthetwopartieswouldproduceadeterminateequilibriumprice EdgeworthalteredCournot sassumptionsintwoways First heassumedthatthesellersofthemineralwatereachhavealimitedcapacitytomeetconsume
6、rdemand Second Edgeworthassumedthatintheshortrunthetwosellerscanchargedifferentpricesforthemineralwater Figure10 2Edgeworth sDuopolyModel Figure10 2showstheessenceofEdgeworth stheory AsinCournot smodel marginalcostsinFigure10 2areassumedtobezero thatis theycorrespondwiththehorizontalaxis Edgeworthst
7、atesthateachofthesetwosellersseekstomaximizeitsprofitsbyvaryingitsprice output whileassumingthattheotherparty sprice output willremainatitscurrentlevel Conclusion AccordingtoEdgeworth noequilibriumpriceoroutputexistsinsituationswheretherearenoncollusiveduopolists AnypricebetweenPxandPyinFigure10 2is
8、possible andthepricemayoscillateupwardanddownward MarginalVersusAverageProduct AfinalsignificantideaaddedbyEdgeworthwashisdistinctionbetweenmarginalandaverageproduct Tomakehispoint Edgeworthassumedthatlandwasthefixedresourceandthatlabor togetherwithtools wasthevariableresource Figure10 3TheRelations
9、hipBetweenTotal Marginal andAverageProduct ContemporarytextbooksillustrateEdgeworth sdistinctionsgraphically Marginalproduct MP isthechangeintotalproductassociatedwithachangeinthelaborinput ItcanbefoundbyusingcalculusorsimplybydrawingastraightlinetangenttotheTPcurveatanypointandthendeterminingtheslo
10、peoftheline Howthenistheaverageproductcurvederived Geometrically itcanbefoundbydrawingastraightlinefromtheorigintoanypointonthetotalproductcurveandthenfindingtheslopeofthelinedrawn Noticethatwhentotalproductisrisingatanincreasingrate marginalproductisrisingandisabovetheaverageproduct Why MarginalPro
11、ductivityTheoryofDistributionEthicalImplicationsofClark sDistributionTheoryThe Adding Up ProblemandtheReturnstoScale 2 JOHNBATESCLARK MarginalProductivityTheoryofDistribution Clark stheoryofdistributionwasbasedonthelawofdiminishingmarginalreturns Clarkgeneralizedtheideatoallfactorsofproduction Theun
12、derlyingassumptionisthatallotherthings especiallytechnology remainunchanged whileonefactorisvaried Ifcapital land andentrepreneurshiparekeptconstantwhileunitsoflaborareadded themarginalandaverageproductsoflaborultimatelywillfalleventhoughtotaloutputmaycontinuetoincrease Similarly ifcapitalisaddedwhi
13、letheotherfactorsremainconstant themarginalandaverageproductsofcapitaleventuallywillfall Clarkstatedthelawofdiminishingreturnsasfollows Thelasttooladdslesstoman sefficiencythandoearliertools Ifcapitalbeusedinincreasingquantitybyafixedworkingforce itissubjecttoalawofdiminishingproductivity Thediminis
14、hingproductivityoflabor whenitisusedinconnectionwithafixedamountofcapital isauniversalphenomenon Theactionofthegenerallaw becomesthebasisofatheoryofdistribution Figure10 5Clark sMarginalProductivityTheory InFigure a TotalWage SAECDTotalOutput SABCDInterest SEBC InFigure b TotalInterest SA E C D Resi
15、dualLabor SE B C 1 Profithasnoplaceinsuchstaticconditions Inaperfectlycompetitiveeconomy economicprofitstendtodisappearatbothendsoftheproductiveprocess 2 Itispossibleforprofitstoexisttemporarilyastheeconomymovestowardequilibrium Profitsarethenaresidual 3 Clark smarginalproductivitytheoryconcernedwit
16、hthedemandforfactorsofproductionsayslittleaboutfactorsupply 4 Clark stheoryofincomedistributionisstatic 5 Intherealworld alegalmonopolymaysecureapermanenteconomicprofitforanentrepreneur 6 Capitalisproductive andthereforeinterestexists EthicalImplicationsofClark sDistributionTheory Clark soverallconclusionfromhismarginalproductivitytheorywasthatthedivisionofthesocialincomeintowages interest andprofitis inprinciple equitable Societyisnotatlibertytoviolatethe fixedlawsofdistribution Ifallpeoplerece
