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Exhaustion of the product

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Reference no: EM13150006 , Length: 491 words

Wicksteed made a significant contribution to value theory during the marginal utility revolution. This contribution was the "Exhaustion of the product". Explain the importance of this contribution. Explain the significance of the Euler theorem and the assumption of constant returns to scale in deriving the solution. In what ways is this contribution similar to Marx's Transformation Problem, in what ways is it different?

Reference no: EM13150006

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