… marginal product accounting, when consistent, is useful for deciding how to use additional resources… but it does not “show” which resource has “produced” how much…. The alleged fact is, thus, a fiction, and while it might appear to be a convenient fiction, it is more convenient for some than for others….WCEG — The Equitablog
Morning Must Read: Amartya Sen 32 Years Ago Had the Last Word on “Just Deserts” Theories of Distribution
Brad DeLong
1 comment:
DeLong has another, longer post on the same subject:
http://delong.typepad.com/sdj/2014/06/weekend-reading-just-deserts-by-amartya-sen-the-new-york-review-of-books.html
This is important stuff - there are so many misconceptions about marginal productivity and 'just deserts' floating around the internet...
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