The law of diminishing returns

  title={The law of diminishing returns},
  author={Ronald W. Shephard and Rolf F{\"a}re},
  journal={Zeitschrift f{\"u}r National{\"o}konomie},
Turgot [11] introduced into economic thought a proposition which has come to be known as the “Law of Diminishing Returns.” Properly stated, it is one of the few generalities of economic theory which might be called a law, prompting Schumpeter [6] to state: “It embodies an achievement that is nothing short of brilliant and suffices in itself to place Turgot as a theorist high above Adam Smith.” Loosely worded, the proposition asserts that as equal quantities of capital and labor are applied… Expand
Joint inputs and the law of diminishing returns
The law of diminishing returns, originally expressed by the French economist Turgot in 1767, [8], has recently been investigated in its intensive form for a steady state technology. Based on aExpand
Dynamic Laws of Returns under Uncertainty
The study of the effect of resource constraints (limitations) on production has always been an important topic in the theory of production. Turgot [1967] introduced into economic thought aExpand
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Proof of the law of diminishing returns
Based on a general mathematical model of a technology, implying certain properties for the production function, weak and strong forms of a physical law of diminishing returns are derived. It is alsoExpand
The notion of a production function
  • R. Shephard
  • Mathematics, Computer Science
  • Unternehmensforschung
  • 1967
It is shown that the structure of production may be expressed interchangeably by postulating the existence of a production functionΦ (X) satisfying certain properties or by a family of production possibility setsL (U). Expand
经济分析史 = History of economic analysis
of a Treatise of Human Nature which he published in 1740 and which was retrieved and republished in 1938 with an introduction by J.M.Keynes and P.Sraffa. Works (modern ed. by Green and Grose, withExpand
Scaling laws for production have been used or implied in various economic analyses of “returns to scale,” all of which known to the writer use a scalar valued production function Φ(x) of homotheticExpand
Strong limitationality of essential proper subsets of factors of production
Abstract : It has been shown in a previous paper that: A factor combination (Nu sub 1, Nu sub 2, ..., Nu sub k), 1 < or = k < or = (n - 1), is weak limitational if and only if the combination isExpand
Theory of cost and production functions
Eine Verallgemeinerung des Begriffs der homogenen Produktionsfunktion
  • W. Eichhorn
  • Physics, Computer Science
  • Unternehmensforschung
  • 1969
The homogeneous and the homothetic production functions do not have many properties which are of interest in production theory, so the functional equation Φ(λx)=ϕ(λ,x/|x|)Φ(x) is introduced which is a generalization of the functional equations. Expand
Eine Verallgemeinerung des Begriffes der homogenen Produktionsfunktion
Die Klassen der homogenen und (allgemeiner:) der homothetischen Produktionsfunktionen sind aus verschiedenen Grunden fur viele Zwecke der Produktionstheorie zu eng. Deshalb wird die im Vergleich zurExpand