[Marxism] Why were resources expunged from Neo-Classical Economics - Wolf at the FT
ilagardien at yahoo.com
Fri Jul 23 07:43:02 MDT 2010
Why were resources expunged from neo-classical economics?
July 12, 2010 10:38am | Share
Update: Read Martin Wolf’s conclusions on the debate
Something strange happened to economics about a century ago. In moving from
classical to neo-classical economics — the dominant academic school today —
economists expunged land — or natural resources. Neo-classical value theory —
based on marginalism and subjective valuation — still makes a great deal of
sense. Expunging natural resources from the way economists think about the world
In classical economics, land, labour and capital were the three factors of
production. With neo-classical economics, the standard production function had
just two factors of production: capital and labour. Land — by which we mean the
totality of natural resources — was then incorporated into capital.
More information about the Marxism