1338:(in purchasing power parity terms) was increasing. This would be a rational assumption because GDP per capita is a function of HDI. Even GDP per capita will reach a point where it has a diminishing rate of return on HDI. Just think, in a low income family, an average increase of income will likely make a huge impact on the wellbeing of the family. Parents could provide abundantly more food and healthcare essentials for their family. That is a significantly increasing rate of return. But, if you gave the same increase to a wealthy family, the impact it would have on their life would be minor. Therefore, the rate of return provided by that average increase in income is diminishing.
1058:). The law of diminishing returns (also known as the law of diminishing marginal productivity) states that in productive processes, increasing a factor of production by one unit, while holding all other production factors constant, will at some point return a lower unit of output per incremental unit of input. The law of diminishing returns does not cause a decrease in overall production capabilities, rather it defines a point on a production curve whereby producing an additional unit of output will result in a loss and is known as negative returns. Under diminishing returns, output remains positive, but
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1327:. Returns eventually diminish because economists measure productivity with regard to additional units (marginal). Additional inputs significantly impact efficiency or returns more in the initial stages. The point in the process before returns begin to diminish is considered the optimal level. Being able to recognize this point is beneficial, as other variables in the production function can be altered rather than continually increasing labor.
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by observing the relationship between prices of wheat and corn and the quality of the land which yielded the harvests. The observation was that at a certain point, that the quality of the land kept increasing, but so did the cost of produce etc. Therefore, each additional unit of labour on agricultural fields, actually provided a diminishing or marginally decreasing return.
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is per 3/2 tons of output, or /3 per ton of output. Similarly, if the third kilogram of seeds yields only a quarter ton, then the marginal cost equals per quarter ton or per ton, and the average cost is per 7/4 tons, or /7 per ton of output. Thus, diminishing marginal returns imply increasing marginal costs and increasing average costs.
1222:, which affected international trade and caused farmers to move to lands which were undeveloped and further away. In addition, at the end of the Napoleonic Wars, grain imports were restored which caused a decline in prices because the farmers needed to attract customers and sell their products faster.
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as well as the average cost of the output is per ton. If there are no other changes, then if the second kilogram of seeds applied to land produces only half the output of the first (showing diminishing returns), the marginal cost would equal per half ton of output, or per ton, and the average cost
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and can eventually limit or inhibit continuous exponential growth. Therefore, as a result of these constraints the production process will eventually reach a point of maximum yield on the production curve and this is where marginal output will stagnate and move towards zero. Innovation in the form of
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A common example of diminishing returns is choosing to hire more people on a factory floor to alter current manufacturing and production capabilities. Given that the capital on the floor (e.g. manufacturing machines, pre-existing technology, warehouses) is held constant, increasing from one employee
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The origin of the law of diminishing returns was developed primarily within the agricultural industry. In the early 19th century, David
Ricardo as well as other English economists previously mentioned, adopted this law as the result of the lived experience in England after the war. It was developed
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assume that each "unit" of labor is identical. Diminishing returns are due to the disruption of the entire production process as additional units of labor are added to a fixed amount of capital. The law of diminishing returns remains an important consideration in areas of production such as farming
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This idea can be understood outside of economics theory, for example, population. The population size on Earth is growing rapidly, but this will not continue forever (exponentially). Constraints such as resources will see the population growth stagnate at some point and begin to decline. Similarly,
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Further along the production curve at, for example 100 employees, floor space is likely getting crowded, there are too many people operating the machines and in the building, and workers are getting in each other's way. Increasing the number of employees by two percent (from 100 to 102 employees)
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applied the concept of diminishing returns to land rent. These works were relevant to the committees of
Parliament in England, who were investigating why grain prices were so high, and how to reduce them. The four economists concluded that the prices of the products had risen due to the
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The marginal product formula suggests that MP should increase in the short run with increased labour. In the long run, this increase in workers will either have no effect or a negative effect on the output. This is due to the effect of fixed costs as a function of output, in the long
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Through each of these examples, the floor space and capital of the factor remained constant, i.e., these inputs were held constant. By only increasing the number of people, eventually the productivity and efficiency of the process moved from increasing returns to diminishing returns.
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A curve of output against input. The areas of increasing, diminishing and negative returns are identified at points along the curve. There is also a point of maximum yield which is the point on the curve where producing another unit of output becomes inefficient and
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2396:. While considered "hard" inputs, like labour and assets, diminishing returns would hold true. In the modern accounting era where inputs can be traced back to movements of financial capital, the same case may reflect constant, or increasing returns.
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The modern understanding of the law adds the dimension of holding other outputs equal, since a given process is understood to be able to produce co-products. An example would be a factory increasing its saleable product, but also increasing its
2389:, is the idea of disposability of inputs. With this assumption, essentially that some inputs are above the efficient level. Meaning, they can decrease without perceivable impact on output, after the manner of excessive fertiliser on a field.
2366:. In this case the law also applies to societies – the opportunity cost of producing a single unit of a good generally increases as a society attempts to produce more of that good. This explains the bowed-out shape of the
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This signifies that output (Q) is dependent on a function of all variable (L) and fixed (K) inputs in the production process. This is the basis to understand. What is important to understand after this is the math behind
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There is an inverse relationship between returns of inputs and the cost of production, although other features such as input market conditions can also affect production costs. Suppose that a kilogram of seed costs one
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1085:. It is commonly understood that growth will not continue to rise exponentially, rather it is subject to different forms of constraints such as limited availability of resources and capitalisation which can cause
1209:. The law of diminishing returns can be traced back to the 18th century, in the work of Jacques Turgot. He argued that "each increase would be less and less productive." In 1815, David Ricardo, Thomas Malthus,
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If input disposability is assumed, then increasing the principal input, while decreasing those excess inputs, could result in the same "diminished return", as if the principal input was changed
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If 50 people are employed, at some point, increasing the number of employees by two percent (from 50 to 51 employees) would increase output by two percent and this is called
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it will begin to decline towards zero but not actually become a negative value, the same idea as in the diminishing rate of return inevitable to the production process.
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production, for the same input increase. The law of diminishing returns is a fundamental principle of both micro and macro economics and it plays a central role in
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technological advances or managerial progress can minimise or eliminate diminishing returns to restore productivity and efficiency and to generate profit.
2354:. One kilogram of seeds yields one ton of crop, so the first ton of the crop costs one dollar to produce. That is, for the first ton of output, the
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Classical economists such as
Malthus and Ricardo attributed the successive diminishment of output to the decreasing quality of the inputs whereas
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This formula is important to relate back to diminishing rates of return. It finds the change in total product divided by change in labour.
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To demonstrate diminishing returns, two conditions are satisfied; marginal product is positive, and marginal product is decreasing.
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The relative change in output is smaller than the relative change in input; ~input requires increasing effort to change output~
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Figure 2: Output vs. Input & Output per unit Input vs. Input Seen in , the change in output by increasing input from L
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2330:{\displaystyle {\delta Out \over Out}/{\delta In \over In}={In \over Out}\cdot {\delta Out \over \delta In}=\epsilon <1}
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The point of diminishing returns can be realised, by use of the second derivative in the above production function.
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1089:. This example of production holds true to this common understanding as production is subject to the four
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The concept of diminishing returns can be explained by considering other theories such as the concept of
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which are land, labour, capital and enterprise. These factors have the ability to influence
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would increase output by less than two percent and this is called "diminishing returns."
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3138:"A Variance Formula for Marginal Productivity Estimates using the Cobb-Douglas Function"
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Figure 2 : Total Output vs. Total Input & Output per unit Input vs. Total Input
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The Law of
Diminishing Returns: Understand the fundamentals of economic productivity
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The Law of
Diminishing Returns: Understand the fundamentals of economic productivity
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Northwestern - Weinberg
College of Arts & Sciences -Department of Mathematics
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3201:"Math 285-2 - Handouts for Math 285-2 - Marginal Product of Labor and Capital"
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3017:"Law of Diminishing Marginal Returns: Definition, Example, Use in Economics"
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is positive, since a positive return for inputs is required for diminishing
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is incrementally increased, holding all other factors of production equal (
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3066:"Law of Diminishing Returns & Point of Diminishing Returns Definition"
2350:, and this price does not change. Assume for simplicity that there are no
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To understand this concept thoroughly, acknowledge the importance of
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There is a widely recognised production function in economics:
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is positive, since negative inputs and outputs are impossible,
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Seen in TOP, the change in output by increasing output from L
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3091:"Diminishing returns to GDP and the Human Development Index"
2600:. CreateSpace Independent Publishing Platform. p. 44.
2824:"Knowledge, Technology and Complexity in Economic Growth"
2727:"What Is Stagflation, What Causes It, and Why Is It Bad?"
1284:. Together, these demonstrate diminishing returns from L
1137:. Together, these demonstrate diminishing returns from L
3229:"Why It Matters: Production and Costs | Microeconomics"
2979:"The Origin of the Law of Diminishing Returns, 1813-15"
3041:"The Law of Diminishing Returns - Personal Excellence"
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2703:"Exponential growth & logistic growth (article)"
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60:. Unsourced material may be challenged and removed.
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1670:Start from the equation for the marginal product:
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2938:"Retrospectives: The Law of Diminishing Returns"
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1437:{\displaystyle Output=O\ ,\ Input=I\ ,\ O=f(I)}
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2626:Shephard, Ronald W.; Färe, Rolf (1974-03-01).
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2678:. Encyclopædia Britannica, Inc. 28 Nov 2023.
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1013:
3136:Carter, H. O.; Hartley, H. O. (April 1958).
2625:
2055:{\displaystyle {\delta Out \over \delta In}}
1280:, the output per unit decreases to zero at L
1276:, the output per unit is increasing. After L
1133:, the output per unit decreases to zero at L
1129:, the output per unit is increasing. After L
2575:(17th ed.). McGraw-Hill. p. 110.
3346:
3332:
3176:"The Production Function | Microeconomics"
1611:{\displaystyle 2\cdot f(I)>f(2\cdot I)}
1495:{\displaystyle 2\cdot f(I)<f(2\cdot I)}
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1006:
3254:"Proof of the law of diminishing returns"
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120:Learn how and when to remove this message
3303:
3251:
3198:
2898:"Anne-Robert-Jacques Turgot (1727–1781)"
2595:
2385:Part of the reason one input is altered
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1553:{\displaystyle 2\cdot f(I)=f(2\cdot I)}
1330:Further, examine something such as the
1272:. Seen in BOTTOM, until an output of L
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3088:
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2775:"What is Production? | Microeconomics"
2500:Tendency of the rate of profit to fall
2138:{\displaystyle {\delta Out \over Out}}
1620:
3327:
2903:The Concise Encyclopedia of Economics
3304:Case, Karl E.; Fair, Ray C. (1999).
2935:
2918:from the original on 2 December 2019
2751:"What are the Factors of Production"
2621:
2619:
2617:
2340:
2178:{\displaystyle {\delta In \over In}}
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58:adding citations to reliable sources
29:
3423:Agent-based computational economics
1959:{\displaystyle 0<\epsilon <1}
24:
3252:Shephard, Ronald W. (1970-03-01).
2378:
1856:, a function of input and output,
1819:
1757:
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1680:
1048:process as the amount of a single
25:
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3089:Cahill, Miles B. (October 2002).
2846:
2614:
2445:Gold plating (project management)
2368:production possibilities frontier
3881:neoclassical–Keynesian synthesis
3258:Zeitschrift für Nationalökonomie
3199:Robinson, R. Clark (July 2006).
2942:Journal of Economic Perspectives
2908:Library of Economics and Liberty
2876:. 50Minutes.com. pp. 9–12.
2632:Zeitschrift für Nationalökonomie
2628:"The law of diminishing returns"
2598:Economics: A Simple Introduction
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1125:. Seen in , until an input of L
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3308:(5th ed.). Prentice-Hall.
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2571:; Nordhaus, William D. (2001).
262:Concepts, theory and techniques
45:needs additional citations for
2936:Brue, Stanley L (1993-08-01).
2872:Pichère, Pierre (2015-09-02).
2798:Pichère, Pierre (2015-09-02).
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2145:is relative change in output,
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2006:{\displaystyle {In \over Out}}
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3817:Critique of political economy
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2802:. 50Minutes.com. p. 17.
2596:Erickson, K.H. (2014-09-06).
2521:
2362:Cost is measured in terms of
1264:is equal to the change from L
1117:is equal to the change from L
2977:Cannan, Edwin (March 1892).
2526:
2430:Diminishing marginal utility
1636:Which can be simplified to:
1233:Proposed on the cusp of the
18:Point of diminishing returns
7:
3070:Corporate Finance Institute
2460:Liebig's Law of the minimum
2406:
2185:is relative change in input
1666:Link with output elasticity
1235:First Industrial Revolution
10:
4465:
3955:Real business-cycle theory
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2485:Self-organized criticality
1244:
1187:Johann Heinrich von Thünen
1145:
1044:(incremental) output of a
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3233:courses.lumenlearning.com
3180:courses.lumenlearning.com
3107:10.1080/13504850210158999
3095:Applied Economics Letters
2779:courses.lumenlearning.com
2545:Encyclopaedia Britannica
2455:Experience curve effects
1969:This works intuitively;
250:JEL classification codes
3595:Industrial organization
3418:Computational economics
3306:Principles of Economics
2675:Encyclopædia Britannica
2490:Submodular set function
1332:Human Development Index
1227:Neoclassical economists
436:Industrial organization
293:Computational economics
3800:Modern monetary theory
3465:Experimental economics
3435:Pluralism in economics
3408:Mathematical economics
2465:Marginal value theorem
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3045:personalexcellence.co
2849:The wealth of nations
2541:"Diminishing Returns"
2435:Diseconomies of scale
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1562:Diminishing Returns:
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1203:Thomas Robert Malthus
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1091:factors of production
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69:"Diminishing returns"
4449:Production economics
3674:Social choice theory
3430:Behavioral economics
3413:Complexity economics
2983:The Economic Journal
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2020:
1977:
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1627:Q= f(NR, L, K, t, E)
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1446:Increasing Returns:
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1050:factor of production
1040:are the decrease in
515:Social choice theory
54:improve this article
3758:American (National)
3458:Economic statistics
2955:10.1257/jep.7.3.185
2403:is disambiguating.
1621:Production function
1295:increasing returns.
1087:economic stagnation
1038:diminishing returns
982:Business portal
303:Operations research
283:National accounting
3270:10.1007/BF01289990
2755:www.stlouisfed.org
2644:10.1007/BF01289147
2569:Samuelson, Paul A.
2505:Analysis paralysis
2440:Economies of scale
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1504:Constant Returns:
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1165:. You can help by
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1083:exponential growth
313:Industrial complex
308:Middle income trap
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4430:
3962:New institutional
2851:. Thrifty books.
2495:Sunk-cost fallacy
2480:Pareto efficiency
2341:Returns and costs
2313:
2281:
2255:
2227:
2173:
2133:
2050:
2001:
1922:
1890:
1836:
1711:
1648:marginal product.
1415:
1409:
1385:
1379:
1311:negative returns.
1301:constant returns.
1230:and agriculture.
1183:
1182:
1076:production theory
1030:
1029:
130:
129:
122:
104:
16:(Redirected from
4456:
3635:Natural resource
3470:Economic history
3396:Mechanism design
3348:
3341:
3334:
3325:
3324:
3319:
3290:
3289:
3249:
3243:
3242:
3240:
3239:
3225:
3219:
3218:
3216:
3214:
3205:
3196:
3190:
3189:
3187:
3186:
3172:
3166:
3165:
3133:
3127:
3126:
3086:
3080:
3079:
3077:
3076:
3062:
3056:
3055:
3053:
3052:
3037:
3031:
3030:
3028:
3027:
3013:
3007:
3006:
2974:
2968:
2967:
2957:
2933:
2927:
2926:
2925:
2923:
2910:(2nd ed.),
2894:
2888:
2887:
2869:
2863:
2862:
2844:
2838:
2837:
2835:
2834:
2820:
2814:
2813:
2795:
2789:
2788:
2786:
2785:
2771:
2765:
2764:
2762:
2761:
2747:
2741:
2740:
2738:
2737:
2723:
2717:
2716:
2714:
2713:
2699:
2690:
2689:
2670:
2664:
2663:
2623:
2612:
2611:
2593:
2587:
2586:
2565:
2556:
2555:
2553:
2552:
2537:
2475:Returns to scale
2470:Opportunity cost
2423:
2421:Economics portal
2418:
2417:
2394:certeris paribus
2364:opportunity cost
2336:
2334:
2333:
2328:
2314:
2312:
2301:
2287:
2282:
2280:
2269:
2261:
2256:
2254:
2246:
2235:
2233:
2228:
2226:
2215:
2201:
2184:
2182:
2181:
2176:
2174:
2172:
2164:
2153:
2144:
2142:
2141:
2136:
2134:
2132:
2121:
2107:
2095:
2093:
2092:
2087:
2061:
2059:
2058:
2053:
2051:
2049:
2038:
2024:
2012:
2010:
2009:
2004:
2002:
2000:
1989:
1981:
1965:
1963:
1962:
1957:
1933:
1931:
1930:
1925:
1923:
1921:
1910:
1896:
1891:
1889:
1878:
1870:
1847:
1845:
1844:
1839:
1837:
1835:
1834:
1833:
1817:
1813:
1812:
1797:
1796:
1772:
1771:
1753:
1752:
1737:
1736:
1717:
1712:
1710:
1709:
1708:
1692:
1678:
1617:
1615:
1614:
1609:
1559:
1557:
1556:
1551:
1501:
1499:
1498:
1493:
1443:
1441:
1440:
1435:
1413:
1407:
1383:
1377:
1325:marginal returns
1178:
1175:
1157:
1150:
1022:
1015:
1008:
994:Money portal
992:
991:
990:
980:
979:
476:Natural resource
268:Economic systems
164:
141:
140:
125:
118:
114:
111:
105:
103:
62:
38:
30:
21:
4464:
4463:
4459:
4458:
4457:
4455:
4454:
4453:
4434:
4433:
4432:
4427:
4424:Business portal
4391:
4390:
4389:
4349:
4113:von Böhm-Bawerk
4001:
4000:
3991:
3763:Ancient thought
3741:
3740:
3734:
3725:
3724:
3723:
3474:
3439:
3391:Contract theory
3376:Decision theory
3357:
3352:
3322:
3316:
3299:
3294:
3293:
3250:
3246:
3237:
3235:
3227:
3226:
3222:
3212:
3210:
3203:
3197:
3193:
3184:
3182:
3174:
3173:
3169:
3154:10.2307/1907592
3134:
3130:
3101:(13): 885–887.
3087:
3083:
3074:
3072:
3064:
3063:
3059:
3050:
3048:
3039:
3038:
3034:
3025:
3023:
3015:
3014:
3010:
2995:10.2307/2955940
2975:
2971:
2934:
2930:
2921:
2919:
2896:
2895:
2891:
2884:
2870:
2866:
2859:
2845:
2841:
2832:
2830:
2828:rcc.harvard.edu
2822:
2821:
2817:
2810:
2796:
2792:
2783:
2781:
2773:
2772:
2768:
2759:
2757:
2749:
2748:
2744:
2735:
2733:
2725:
2724:
2720:
2711:
2709:
2701:
2700:
2693:
2686:
2672:
2671:
2667:
2624:
2615:
2608:
2594:
2590:
2583:
2566:
2559:
2550:
2548:
2539:
2538:
2534:
2529:
2524:
2519:
2419:
2412:
2409:
2401:ceteris paribus
2387:ceteris paribus
2383:
2380:Ceteris paribus
2376:
2343:
2302:
2288:
2286:
2270:
2262:
2260:
2247:
2236:
2234:
2229:
2216:
2202:
2200:
2198:
2195:
2194:
2165:
2154:
2152:
2150:
2147:
2146:
2122:
2108:
2106:
2104:
2101:
2100:
2075:
2072:
2071:
2039:
2025:
2023:
2021:
2018:
2017:
1990:
1982:
1980:
1978:
1975:
1974:
1939:
1936:
1935:
1911:
1897:
1895:
1879:
1871:
1869:
1861:
1858:
1857:
1829:
1825:
1818:
1808:
1804:
1792:
1788:
1767:
1763:
1748:
1744:
1732:
1728:
1718:
1716:
1704:
1700:
1693:
1679:
1677:
1675:
1672:
1671:
1668:
1653:
1642:
1623:
1567:
1564:
1563:
1509:
1506:
1505:
1451:
1448:
1447:
1351:
1348:
1347:
1344:
1321:marginal output
1287:
1283:
1279:
1275:
1271:
1267:
1263:
1259:
1247:
1220:Napoleonic Wars
1179:
1173:
1170:
1163:needs expansion
1148:
1140:
1136:
1132:
1128:
1124:
1120:
1116:
1112:
1095:economic growth
1073:
1055:ceteris paribus
1026:
988:
986:
974:
967:
966:
937:
927:
926:
925:
924:
688:von Böhm-Bawerk
576:
565:
564:
326:
318:
317:
273:Economic growth
263:
255:
254:
196:
194:classifications
126:
115:
109:
106:
63:
61:
51:
39:
28:
27:Economic theory
23:
22:
15:
12:
11:
5:
4462:
4452:
4451:
4446:
4444:Economics laws
4429:
4428:
4426:
4421:
4416:
4411:
4406:
4401:
4396:
4393:
4392:
4388:
4387:
4382:
4372:
4367:
4361:
4360:
4359:
4357:
4351:
4350:
4348:
4347:
4340:
4335:
4330:
4325:
4320:
4315:
4310:
4305:
4300:
4295:
4290:
4285:
4280:
4275:
4270:
4265:
4260:
4255:
4250:
4245:
4240:
4235:
4230:
4225:
4220:
4215:
4210:
4205:
4200:
4195:
4190:
4185:
4180:
4175:
4170:
4165:
4160:
4155:
4150:
4145:
4140:
4135:
4130:
4125:
4120:
4115:
4110:
4105:
4100:
4095:
4090:
4085:
4080:
4075:
4070:
4065:
4060:
4055:
4050:
4045:
4040:
4035:
4030:
4025:
4020:
4015:
4010:
4004:
4002:
3996:
3993:
3992:
3990:
3989:
3984:
3979:
3974:
3969:
3964:
3959:
3958:
3957:
3947:
3946:
3945:
3935:
3930:
3925:
3924:
3923:
3913:
3908:
3903:
3902:
3901:
3900:
3899:
3889:
3884:
3869:
3864:
3859:
3854:
3849:
3844:
3839:
3834:
3829:
3827:Disequilibrium
3824:
3819:
3814:
3809:
3804:
3803:
3802:
3792:
3787:
3782:
3777:
3776:
3775:
3765:
3760:
3755:
3750:
3744:
3742:
3730:
3727:
3726:
3722:
3721:
3716:
3711:
3706:
3701:
3696:
3691:
3686:
3681:
3676:
3667:
3662:
3657:
3652:
3647:
3642:
3640:Organizational
3637:
3632:
3627:
3622:
3617:
3612:
3607:
3602:
3597:
3592:
3587:
3582:
3577:
3572:
3567:
3562:
3557:
3552:
3547:
3542:
3537:
3532:
3527:
3522:
3517:
3512:
3507:
3502:
3497:
3492:
3486:
3485:
3484:
3482:
3476:
3475:
3473:
3472:
3467:
3462:
3461:
3460:
3449:
3447:
3441:
3440:
3438:
3437:
3432:
3427:
3426:
3425:
3415:
3410:
3405:
3403:Macroeconomics
3400:
3399:
3398:
3393:
3388:
3383:
3378:
3371:Microeconomics
3367:
3365:
3359:
3358:
3351:
3350:
3343:
3336:
3328:
3321:
3320:
3314:
3300:
3298:
3295:
3292:
3291:
3244:
3220:
3191:
3167:
3128:
3081:
3057:
3032:
3008:
2969:
2948:(3): 185–192.
2928:
2889:
2883:978-2806270092
2882:
2864:
2857:
2839:
2815:
2809:978-2806270092
2808:
2790:
2766:
2742:
2718:
2691:
2684:
2665:
2613:
2607:978-1501077173
2606:
2588:
2581:
2573:Microeconomics
2557:
2531:
2530:
2528:
2525:
2523:
2520:
2518:
2517:
2512:
2507:
2502:
2497:
2492:
2487:
2482:
2477:
2472:
2467:
2462:
2457:
2452:
2450:Learning curve
2447:
2442:
2437:
2432:
2426:
2425:
2424:
2408:
2405:
2382:
2377:
2375:
2372:
2342:
2339:
2338:
2337:
2326:
2323:
2320:
2317:
2311:
2308:
2305:
2300:
2297:
2294:
2291:
2285:
2279:
2276:
2273:
2268:
2265:
2259:
2253:
2250:
2245:
2242:
2239:
2232:
2225:
2222:
2219:
2214:
2211:
2208:
2205:
2190:
2189:
2186:
2171:
2168:
2163:
2160:
2157:
2131:
2128:
2125:
2120:
2117:
2114:
2111:
2097:
2096:
2085:
2082:
2079:
2067:
2066:
2048:
2045:
2042:
2037:
2034:
2031:
2028:
2014:
1999:
1996:
1993:
1988:
1985:
1955:
1952:
1949:
1946:
1943:
1920:
1917:
1914:
1909:
1906:
1903:
1900:
1894:
1888:
1885:
1882:
1877:
1874:
1868:
1865:
1832:
1828:
1824:
1821:
1816:
1811:
1807:
1803:
1800:
1795:
1791:
1787:
1784:
1781:
1778:
1775:
1770:
1766:
1762:
1759:
1756:
1751:
1747:
1743:
1740:
1735:
1731:
1727:
1724:
1721:
1715:
1707:
1703:
1699:
1696:
1691:
1688:
1685:
1682:
1667:
1664:
1663:
1662:
1658:
1655:
1651:
1643:
1637:
1634:
1622:
1619:
1607:
1604:
1601:
1598:
1595:
1592:
1589:
1586:
1583:
1580:
1577:
1574:
1571:
1549:
1546:
1543:
1540:
1537:
1534:
1531:
1528:
1525:
1522:
1519:
1516:
1513:
1491:
1488:
1485:
1482:
1479:
1476:
1473:
1470:
1467:
1464:
1461:
1458:
1455:
1433:
1430:
1427:
1424:
1421:
1418:
1412:
1406:
1403:
1400:
1397:
1394:
1391:
1388:
1382:
1376:
1373:
1370:
1367:
1364:
1361:
1358:
1355:
1343:
1340:
1336:GDP per capita
1285:
1281:
1277:
1273:
1269:
1265:
1261:
1257:
1246:
1243:
1215:Robert Torrens
1191:Jacques Turgot
1181:
1180:
1160:
1158:
1147:
1144:
1138:
1134:
1130:
1126:
1122:
1118:
1114:
1110:
1071:
1028:
1027:
1025:
1024:
1017:
1010:
1002:
999:
998:
997:
996:
984:
969:
968:
965:
964:
959:
949:
944:
938:
933:
932:
929:
928:
923:
922:
915:
910:
905:
900:
895:
890:
885:
880:
875:
870:
865:
860:
855:
850:
845:
840:
835:
830:
825:
820:
815:
810:
805:
800:
795:
790:
785:
780:
775:
770:
765:
760:
755:
750:
745:
740:
735:
730:
725:
720:
715:
710:
705:
700:
695:
690:
685:
680:
675:
670:
665:
660:
655:
650:
645:
640:
635:
630:
625:
620:
615:
610:
605:
600:
595:
590:
585:
579:
578:
577:
571:
570:
567:
566:
563:
562:
557:
552:
547:
542:
537:
532:
527:
522:
517:
508:
503:
498:
493:
488:
483:
481:Organizational
478:
473:
468:
463:
458:
453:
448:
443:
438:
433:
428:
423:
418:
413:
408:
403:
398:
393:
388:
383:
378:
373:
368:
363:
358:
353:
348:
343:
338:
333:
327:
325:By application
324:
323:
320:
319:
316:
315:
310:
305:
300:
295:
290:
285:
280:
275:
270:
264:
261:
260:
257:
256:
253:
252:
247:
242:
237:
232:
227:
218:
213:
208:
203:
197:
191:
190:
187:
186:
185:
184:
179:
174:
166:
165:
157:
156:
150:
149:
128:
127:
42:
40:
33:
26:
9:
6:
4:
3:
2:
4461:
4450:
4447:
4445:
4442:
4441:
4439:
4425:
4422:
4420:
4417:
4415:
4412:
4410:
4407:
4405:
4402:
4400:
4397:
4394:
4386:
4383:
4380:
4376:
4373:
4371:
4368:
4366:
4363:
4362:
4358:
4356:
4352:
4346:
4345:
4341:
4339:
4336:
4334:
4331:
4329:
4326:
4324:
4321:
4319:
4316:
4314:
4311:
4309:
4306:
4304:
4301:
4299:
4296:
4294:
4291:
4289:
4286:
4284:
4281:
4279:
4276:
4274:
4271:
4269:
4266:
4264:
4261:
4259:
4256:
4254:
4251:
4249:
4246:
4244:
4241:
4239:
4236:
4234:
4231:
4229:
4226:
4224:
4221:
4219:
4216:
4214:
4211:
4209:
4206:
4204:
4201:
4199:
4196:
4194:
4191:
4189:
4186:
4184:
4181:
4179:
4176:
4174:
4171:
4169:
4166:
4164:
4161:
4159:
4156:
4154:
4151:
4149:
4146:
4144:
4141:
4139:
4136:
4134:
4131:
4129:
4126:
4124:
4121:
4119:
4116:
4114:
4111:
4109:
4106:
4104:
4101:
4099:
4096:
4094:
4091:
4089:
4086:
4084:
4081:
4079:
4076:
4074:
4071:
4069:
4066:
4064:
4061:
4059:
4056:
4054:
4051:
4049:
4046:
4044:
4041:
4039:
4036:
4034:
4031:
4029:
4026:
4024:
4021:
4019:
4016:
4014:
4011:
4009:
4008:de Mandeville
4006:
4005:
4003:
3999:
3994:
3988:
3985:
3983:
3980:
3978:
3975:
3973:
3970:
3968:
3965:
3963:
3960:
3956:
3953:
3952:
3951:
3950:New classical
3948:
3944:
3941:
3940:
3939:
3936:
3934:
3931:
3929:
3926:
3922:
3919:
3918:
3917:
3914:
3912:
3909:
3907:
3906:Malthusianism
3904:
3898:
3895:
3894:
3893:
3890:
3888:
3885:
3882:
3878:
3875:
3874:
3873:
3870:
3868:
3867:Institutional
3865:
3863:
3860:
3858:
3855:
3853:
3850:
3848:
3845:
3843:
3840:
3838:
3835:
3833:
3830:
3828:
3825:
3823:
3820:
3818:
3815:
3813:
3810:
3808:
3805:
3801:
3798:
3797:
3796:
3793:
3791:
3788:
3786:
3783:
3781:
3778:
3774:
3771:
3770:
3769:
3766:
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3761:
3759:
3756:
3754:
3751:
3749:
3746:
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3728:
3720:
3717:
3715:
3712:
3710:
3707:
3705:
3702:
3700:
3697:
3695:
3692:
3690:
3687:
3685:
3682:
3680:
3677:
3675:
3671:
3670:Public choice
3668:
3666:
3663:
3661:
3658:
3656:
3653:
3651:
3648:
3646:
3645:Participation
3643:
3641:
3638:
3636:
3633:
3631:
3628:
3626:
3623:
3621:
3618:
3616:
3613:
3611:
3608:
3606:
3605:Institutional
3603:
3601:
3598:
3596:
3593:
3591:
3588:
3586:
3583:
3581:
3578:
3576:
3573:
3571:
3568:
3566:
3563:
3561:
3558:
3556:
3555:Expeditionary
3553:
3551:
3548:
3546:
3545:Environmental
3543:
3541:
3538:
3536:
3533:
3531:
3528:
3526:
3523:
3521:
3518:
3516:
3513:
3511:
3508:
3506:
3503:
3501:
3498:
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3491:
3488:
3487:
3483:
3481:
3477:
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3468:
3466:
3463:
3459:
3456:
3455:
3454:
3451:
3450:
3448:
3446:
3442:
3436:
3433:
3431:
3428:
3424:
3421:
3420:
3419:
3416:
3414:
3411:
3409:
3406:
3404:
3401:
3397:
3394:
3392:
3389:
3387:
3384:
3382:
3379:
3377:
3374:
3373:
3372:
3369:
3368:
3366:
3364:
3360:
3356:
3349:
3344:
3342:
3337:
3335:
3330:
3329:
3326:
3317:
3315:0-13-961905-4
3311:
3307:
3302:
3301:
3287:
3283:
3279:
3275:
3271:
3267:
3263:
3259:
3255:
3248:
3234:
3230:
3224:
3209:
3202:
3195:
3181:
3177:
3171:
3163:
3159:
3155:
3151:
3147:
3143:
3139:
3132:
3124:
3120:
3116:
3112:
3108:
3104:
3100:
3096:
3092:
3085:
3071:
3067:
3061:
3046:
3042:
3036:
3022:
3018:
3012:
3004:
3000:
2996:
2992:
2988:
2984:
2980:
2973:
2965:
2961:
2956:
2951:
2947:
2943:
2939:
2932:
2917:
2913:
2909:
2905:
2904:
2899:
2893:
2885:
2879:
2875:
2868:
2860:
2858:9780786514854
2854:
2850:
2847:Smith, Adam.
2843:
2829:
2825:
2819:
2811:
2805:
2801:
2794:
2780:
2776:
2770:
2756:
2752:
2746:
2732:
2728:
2722:
2708:
2704:
2698:
2696:
2687:
2685:9781593392925
2681:
2677:
2676:
2669:
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2657:
2653:
2649:
2645:
2641:
2637:
2633:
2629:
2622:
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2599:
2592:
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2428:
2427:
2422:
2416:
2411:
2404:
2402:
2397:
2395:
2390:
2388:
2381:
2374:Justification
2371:
2369:
2365:
2360:
2357:
2356:marginal cost
2353:
2349:
2324:
2321:
2318:
2315:
2309:
2306:
2303:
2298:
2295:
2292:
2289:
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2240:
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2192:
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2155:
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2123:
2118:
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2112:
2109:
2099:
2098:
2083:
2080:
2077:
2069:
2068:
2065:
2046:
2043:
2040:
2035:
2032:
2029:
2026:
2015:
1997:
1994:
1991:
1986:
1983:
1972:
1971:
1970:
1967:
1953:
1950:
1947:
1944:
1941:
1918:
1915:
1912:
1907:
1904:
1901:
1898:
1892:
1886:
1883:
1880:
1875:
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1866:
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1855:
1851:
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1826:
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1809:
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1801:
1798:
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1789:
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1471:
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1398:
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1371:
1368:
1365:
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1307:
1303:
1302:
1297:
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1255:
1251:
1242:
1238:
1236:
1231:
1228:
1223:
1221:
1216:
1212:
1208:
1207:David Ricardo
1204:
1200:
1199:James Steuart
1196:
1192:
1188:
1177:
1174:December 2009
1168:
1164:
1161:This section
1159:
1156:
1152:
1151:
1107:
1103:
1099:
1096:
1092:
1088:
1084:
1079:
1077:
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1023:
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1016:
1011:
1009:
1004:
1003:
1001:
1000:
995:
985:
983:
978:
973:
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970:
963:
960:
957:
953:
950:
948:
945:
943:
940:
939:
936:
931:
930:
921:
920:
916:
914:
911:
909:
906:
904:
901:
899:
896:
894:
891:
889:
886:
884:
881:
879:
876:
874:
871:
869:
866:
864:
861:
859:
856:
854:
851:
849:
846:
844:
841:
839:
836:
834:
831:
829:
826:
824:
821:
819:
816:
814:
811:
809:
806:
804:
801:
799:
796:
794:
791:
789:
786:
784:
781:
779:
776:
774:
771:
769:
766:
764:
761:
759:
756:
754:
751:
749:
746:
744:
741:
739:
736:
734:
731:
729:
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724:
721:
719:
716:
714:
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709:
706:
704:
701:
699:
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689:
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631:
629:
626:
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621:
619:
616:
614:
611:
609:
606:
604:
601:
599:
596:
594:
591:
589:
586:
584:
583:de Mandeville
581:
580:
575:
569:
568:
561:
558:
556:
553:
551:
548:
546:
543:
541:
538:
536:
533:
531:
528:
526:
523:
521:
518:
516:
512:
511:Public choice
509:
507:
504:
502:
499:
497:
494:
492:
489:
487:
486:Participation
484:
482:
479:
477:
474:
472:
469:
467:
464:
462:
459:
457:
454:
452:
449:
447:
446:Institutional
444:
442:
439:
437:
434:
432:
429:
427:
424:
422:
419:
417:
414:
412:
409:
407:
404:
402:
399:
397:
396:Expeditionary
394:
392:
389:
387:
386:Environmental
384:
382:
379:
377:
374:
372:
369:
367:
364:
362:
359:
357:
354:
352:
349:
347:
344:
342:
339:
337:
334:
332:
329:
328:
322:
321:
314:
311:
309:
306:
304:
301:
299:
296:
294:
291:
289:
286:
284:
281:
279:
276:
274:
271:
269:
266:
265:
259:
258:
251:
248:
246:
243:
241:
238:
236:
233:
231:
228:
226:
222:
219:
217:
216:International
214:
212:
209:
207:
204:
202:
199:
198:
195:
192:Branches and
189:
188:
183:
180:
178:
175:
173:
170:
169:
168:
167:
163:
159:
158:
155:
152:
151:
147:
143:
142:
137:unproductive.
134:
124:
121:
113:
102:
99:
95:
92:
88:
85:
81:
78:
74:
71: –
70:
66:
65:Find sources:
59:
55:
49:
48:
43:This article
41:
37:
32:
31:
19:
4419:Publications
4375:Publications
4342:
3938:Neoclassical
3928:Mercantilism
3837:Evolutionary
3699:Sociological
3672: /
3570:Geographical
3550:Evolutionary
3525:Digitization
3490:Agricultural
3453:Econometrics
3381:Price theory
3305:
3261:
3257:
3247:
3236:. Retrieved
3232:
3223:
3211:. Retrieved
3207:
3194:
3183:. Retrieved
3179:
3170:
3145:
3142:Econometrica
3141:
3131:
3098:
3094:
3084:
3073:. Retrieved
3069:
3060:
3049:. Retrieved
3047:. 2016-04-12
3044:
3035:
3024:. Retrieved
3021:Investopedia
3020:
3011:
2989:(5): 53–69.
2986:
2982:
2972:
2945:
2941:
2931:
2920:, retrieved
2912:Liberty Fund
2901:
2892:
2873:
2867:
2848:
2842:
2831:. Retrieved
2827:
2818:
2799:
2793:
2782:. Retrieved
2778:
2769:
2758:. Retrieved
2754:
2745:
2734:. Retrieved
2731:Investopedia
2730:
2721:
2710:. Retrieved
2707:Khan Academy
2706:
2674:
2668:
2638:(1): 69–90.
2635:
2631:
2597:
2591:
2572:
2549:. Retrieved
2547:. 2017-12-27
2544:
2535:
2515:Amdahl's law
2400:
2398:
2393:
2391:
2386:
2384:
2379:
2361:
2344:
2063:
1968:
1852:
1849:
1669:
1652:MP= ΔTP/ ΔL.
1650:
1647:
1638:
1626:
1624:
1561:
1503:
1445:
1345:
1335:
1329:
1320:
1318:
1314:
1310:
1308:
1304:
1300:
1298:
1294:
1291:
1253:
1239:
1232:
1224:
1184:
1171:
1167:adding to it
1162:
1100:
1080:
1068:
1060:productivity
1053:
1037:
1031:
952:Publications
917:
540:Sociological
513: /
411:Geographical
391:Evolutionary
366:Digitization
331:Agricultural
235:Mathematical
206:Econometrics
116:
107:
97:
90:
83:
76:
64:
52:Please help
47:verification
44:
4213:von Neumann
3982:Supply-side
3967:Physiocracy
3911:Marginalism
3600:Information
3540:Engineering
3520:Development
3515:Demographic
3386:Game theory
3363:Theoretical
3264:(1): 7–34.
2352:fixed costs
1342:Mathematics
1211:Edward West
788:von Neumann
441:Information
381:Engineering
361:Development
356:Demographic
298:Game theory
240:Methodology
110:August 2011
4438:Categories
4370:Economists
4243:Schumacher
4148:Schumpeter
4118:von Wieser
4038:von Thünen
3998:Economists
3897:Circuitism
3862:Humanistic
3857:Historical
3832:Ecological
3822:Democratic
3795:Chartalism
3785:Behavioral
3748:Mainstream
3709:Statistics
3704:Solidarity
3625:Managerial
3590:Humanistic
3585:Historical
3530:Ecological
3495:Behavioral
3238:2021-04-19
3213:1 November
3185:2021-04-21
3148:(2): 306.
3075:2021-04-26
3051:2022-04-29
3026:2023-04-23
2833:2023-04-23
2784:2021-04-19
2760:2023-04-23
2736:2023-04-23
2712:2021-04-19
2582:0071180664
2551:2024-08-15
2522:References
1854:Elasticity
1195:Adam Smith
1066:decrease.
1064:efficiency
1046:production
947:Economists
818:Schumacher
723:Schumpeter
693:von Wieser
613:von Thünen
574:economists
550:Statistics
545:Solidarity
466:Managerial
431:Humanistic
426:Historical
371:Ecological
336:Behavioral
230:Mainstream
80:newspapers
4288:Greenspan
4253:Samuelson
4233:Galbraith
4203:Tinbergen
4143:von Mises
4138:Heckscher
4098:Edgeworth
3977:Stockholm
3972:Socialist
3872:Keynesian
3852:Happiness
3812:Classical
3773:Mutualism
3768:Anarchist
3753:Heterodox
3650:Personnel
3610:Knowledge
3575:Happiness
3565:Financial
3535:Education
3510:Democracy
3445:Empirical
3355:Economics
3286:154887748
3278:1617-7134
3123:153444558
3115:1350-4851
2964:0895-3309
2660:154916612
2652:1617-7134
2527:Citations
2319:ϵ
2304:δ
2290:δ
2284:⋅
2238:δ
2204:δ
2156:δ
2110:δ
2084:ϵ
2041:δ
2027:δ
1948:ϵ
1913:δ
1899:δ
1893:⋅
1864:ϵ
1820:Δ
1777:−
1758:Δ
1695:Δ
1681:Δ
1639:Q= f(L,K)
1600:⋅
1573:⋅
1542:⋅
1515:⋅
1484:⋅
1457:⋅
1034:economics
863:Greenspan
828:Samuelson
808:Galbraith
778:Tinbergen
718:von Mises
713:Heckscher
673:Edgeworth
491:Personnel
451:Knowledge
416:Happiness
406:Financial
376:Education
351:Democracy
245:Political
211:Heterodox
154:Economics
4399:Category
4379:journals
4365:Glossary
4318:Stiglitz
4283:Rothbard
4263:Buchanan
4248:Friedman
4238:Koopmans
4228:Leontief
4208:Robinson
4093:Marshall
3943:Lausanne
3847:Georgism
3842:Feminist
3790:Buddhist
3780:Austrian
3679:Regional
3655:Planning
3630:Monetary
3560:Feminist
3505:Cultural
3500:Business
2916:archived
2914:, 2008,
2510:Teamwork
2407:See also
1346:Signify
1042:marginal
956:journals
942:Glossary
893:Stiglitz
858:Rothbard
838:Buchanan
823:Friedman
813:Koopmans
803:Leontief
783:Robinson
668:Marshall
572:Notable
520:Regional
496:Planning
471:Monetary
401:Feminist
346:Cultural
341:Business
146:a series
144:Part of
4414:Outline
4385:Schools
4377: (
4338:Piketty
4333:Krugman
4198:Kuznets
4188:Kalecki
4163:Polanyi
4053:Cournot
4048:Bastiat
4033:Ricardo
4023:Malthus
4013:Quesnay
3916:Marxian
3807:Chicago
3737:history
3732:Schools
3719:Welfare
3689:Service
3480:Applied
3297:Sources
3162:1907592
3003:2955940
2922:16 July
2064:returns
1245:Example
1205:, and
1146:History
962:Schools
954: (
913:Piketty
908:Krugman
773:Kuznets
763:Kalecki
738:Polanyi
628:Cournot
623:Bastiat
608:Ricardo
598:Malthus
588:Quesnay
560:Welfare
530:Service
201:Applied
177:Outline
172:History
94:scholar
4323:Thaler
4303:Ostrom
4298:Becker
4293:Sowell
4273:Baumol
4178:Myrdal
4173:Sraffa
4168:Frisch
4158:Knight
4153:Keynes
4128:Fisher
4123:Veblen
4108:Pareto
4088:Menger
4083:George
4078:Jevons
4073:Walras
4063:Gossen
3987:Thermo
3665:Public
3660:Policy
3615:Labour
3580:Health
3312:
3284:
3276:
3160:
3121:
3113:
3001:
2962:
2880:
2855:
2806:
2682:
2658:
2650:
2604:
2579:
2348:dollar
1414:
1408:
1384:
1378:
1213:, and
898:Thaler
878:Ostrom
873:Becker
868:Sowell
848:Baumol
753:Myrdal
748:Sraffa
743:Frisch
733:Knight
728:Keynes
703:Fisher
698:Veblen
683:Pareto
663:Menger
658:George
653:Jevons
648:Walras
638:Gossen
506:Public
501:Policy
456:Labour
421:Health
278:Market
96:
89:
82:
75:
67:
4409:Lists
4404:Index
4355:Lists
4328:Hoppe
4313:Lucas
4278:Solow
4268:Arrow
4258:Simon
4223:Lange
4218:Hicks
4193:Röpke
4183:Hayek
4133:Pigou
4103:Clark
4018:Smith
3933:Mixed
3892:Post-
3714:Urban
3694:Socio
3684:Rural
3282:S2CID
3204:(PDF)
3158:JSTOR
3119:S2CID
2999:JSTOR
2656:S2CID
2193:Then
2070:Then
935:Lists
903:Hoppe
888:Lucas
853:Solow
843:Arrow
833:Simon
798:Lange
793:Hicks
768:Röpke
758:Hayek
708:Pigou
678:Clark
593:Smith
555:Urban
535:Socio
525:Rural
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