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Microeconomic Theory

Notes 9. According to Prof. Meed, there are three factors of production— (i) Capital (ii) Labour (iii) Land.
10. Kailki’s theory is based on monopoly power theory of Learner.

21.4 Vintrob’s Theory
The thought of Vintrob is important in Macro Distribution Theory. According to Vintrob, the total
supply curve indicates the relation on the basis of employment. Following are the receiving money—
(i) Total Wages, (ii) Total Constant Expenditure and (iii) Residue or Profit.

21.5 Summary

• After Ricardo, many economists have given their thoughts on the distribution of income. These
economists accepted marginal production as the main base of distribution. New prominent
economists do not establish any solid theory of distribution. Every prominent thought is established
only by production equation of Cobb and Douglass. By the production equation of Cobb and
Douglass, it is clear that how the portion of labour has been unstable since 100 years.

21.6 Keywords

• Revenue Distribution: Distribution of Income
• Wages: Salary

21.7 Review Questions

1. What do you mean by Kolder’s Total Revenue Distribution Theory?
2. Write Distribution Theory of Kailki.

Answers: Self Assessment

1. Contained 2. Profit 3. Total Savings 4. (a)
5. (a) 6. (b) 7. True 8. True
9. True 10. True

21.8 Further Readings

1. Microeconomics—Shipra Mukhopadhyay, Annie Books, 2011.
2. Microeconomics: An Advanced Treaties—S.P.S. Chauhan, PHI Learning.
3. Microeconomics: Behaviour, Institutions and Evolutions— Sampool Bowels, Oxford
University Press, 2004.

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