By F. A. Hayek, Lawrence H. White
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Unless otherwise specified, we will refer to the conditions of such a simple economy in our subsequent observations. For a theory of distribution based on subjective value theory, the importance individuals attribute, under given conditions, to each of the factors of production must derive from the valuation of the utility of the product. As remains to be shown, this issue is intimately related to the question to what extent the production which requires the use of the good in question is to be economically expanded.
Die Theorie des Subjektiven Werthes,” pp. 1– 82, and “II. Die Theorie des Objektiven Werthes,” pp. 477– 541. English translation, Basic Principles of Economic Value, trans. Hans F. ] 6 some observations on the imputation problem sible. Generally speaking, to irreplaceable factors therefore the entire remaining amount over and above the minimum values of the other goods will be imputed, while goods that have no alternative uses only obtain the amount of value left over after the maximal value attainable by the complementary goods has been deducted.
W. Taylor, contributed to the development of this theory; in Europe, K. Wicksell, Ph. H. Wicksteed, and E. Barone dealt with it in mathematical terms. A large number of modern theorists have incorporated it in their systems, mostly without dwelling in any way on its relation to the imputation principles developed by the Austrian School. The theory of marginal productivity rests on the insight that the law of diminishing returns (cf. , vol. 1, p. 11ff ), which was first noted in agriculture, has a general range of applications.