Remarks on the Law of Diminishing Returns a Study in Meta-Economics
This paper goes back to a conversation about the methodology of economics in which L. Mises claimed that certain propositions of economics can be proved. As an example, he mentioned the law of diminishing returns and referred me to the literature for the proofs. After I presented my findings to the Viennese Economic Society they were published in [1936, 6] and [1936, 6a]. In 1936, Mises wrote me that he learned a great deal from the paper. An English translation appeared in [1954, 3]. In what follows, that translation has been thoroughly revised and shortened and the mathematical parts have been relegated to paragraphs in small print.
KeywordsProduction Function Average Product Input Factor Total Demand Logical Relationship
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- Numerous references to the literature preceding 1931 can be found in the interesting article by O. Morgenstern in Vol. 2 of Zeitschrift für Nationalokonomie.Google Scholar
- E. v. Böhm-Bawerk, Gesammelte Schriften, Vienna 1924, vol. 1, p. 195 sq.Google Scholar
- E. v. Böhm-Bawerk, Gesammelte Schriften, Vienna 1924, vol. 1, p. 193 sq.Google Scholar
- The designation “law of diminishing increase of product” was given by Th. Brinkmann, Grundriβ der Sozialdkönomik VII (1922), p. 32.Google Scholar
- Cf. E. v. Böhm-Bawerk, Gesammelte Schriften, Vienna 1924, vol. 1, p. 198Google Scholar