ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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An Undergraduate Course in Economics

these economies could no longer be conceived as elastic enough to permit a rigid subsistance theory of wages, which Marx, or the classical economists, maintained, An alternative explanation was needed here also. Whether the marginal productivity theory could be regarded as an adequate answer or not is a different question; perhaps we do not yet have a dependable theory of wages at all. The point rather is that here was an understandable provocation for an alternative approach

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