ABSTRACT
As we have seen, marginal productivity analysis does not provide a com plete theory of the pricing of factors of production. I t summarizes the forces underlying the demand for factors of production, but the price of factors depends also on the conditions under which they are supplied. T o complete the theory, we shall have to analyze the forces underlying the supply curves of factors of production. Before turning to that task, how ever, i t w i l l be well to consider some general issues that have arisen in con nection wi th the marginal productivity theory, issues that are connected primarily wi th the central proposition that has been used in analyzing the demand for factors of production-that factors tend to receive their mar ginal value product-rather than wi th the conditions of supply.
