ABSTRACT
This chapter presents some reasons, connected with the debates on capital theory, why economics needs an alternative to the neoclassical, or marginalist, or supply-anddemand approach to value and distribution. It also presents some reasons, connected with the debates on capital theory, why economics needs an alternative to the neoclassical, or marginalist, or supply-anddemand approach to value and distribution. The dominant reaction on the neoclassical side has consisted of the claim that one-good neoclassical models are only simplified versions of a theory about whose rigorous versions have no need for capital aggregation and are therefore not undermined by the non-existence of a scalar index of capital. The critique has undermined the entire marginalist, or neoclassical, approach to distribution, employment, and growth. The chapter concludes with some brief remarks which attempt to indicate that without this enrichment some influential non-neoclassical theories of wages remain unsatisfactory. The critique has undermined the entire marginalist, or neoclassical, approach to distribution, employment, and growth.
