Neoclassical Theory Challenged: Profits, Productivity, and Wealth Distribution Upended
The article revisits the neoclassical theory of profits and productivity. Neoclassical economists have different views on the marginal productivity theory, with some considering it a simple story or a crude simplification. Some suggest a more general theory of intertemporal equilibrium where everything is interconnected and there is no fixed rate of profit. This shift away from the critique's central issue of explaining distributive shares.