marginal productivity theory of distribution

a theory of the FUNCTIONAL DISTRIBUTION OF INCOME in which FACTOR INPUTS (labour, etc.) receive a payment for their services (wages, etc.) which is equal to their MARGINAL REVENUE PRODUCT.

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labour theory of value

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He has presented papers on a wide range of topics, comprising Malthus's theory of unemployment, Sismondi's analysis of laissez-faire, Hobson's critique of the marginal productivity theory of distribution, the history of the 'Wages Fund' controversy, early critics of economic rationalism, the history of writings on the distribution of wealth, the origins of the Lorenz Curve and the Gini Coefficient, Malthus's macroeconomic model, and the history and nature of the concept of positional goods, as well as offering short presentations on Keynesian income determination diagrams and Hobson's legacy 150 years after his birth.

Michael Schneider was made a Distinguished Fellow of HETSA in 2011

The marginal productivity theory of distribution is typically viewed as a second-generation development in terms of the marginal revolution.

One can draw links between his analysis of the role of justice, free will and deserts and his later development of a marginal productivity theory of distribution, but little weight can surely rest on these connections.

Jevons's one great disciple: Wicksteed and the Jevonian revolution in the second generation (1)