This setting lets you change the way you view articles. You can choose to have articles open in a dialog window, a new tab, or directly in the same window.
Open in Dialog
Open in New Tab
Open in same window

Journal of Economic Perspectives: Vol. 7 No. 3 (Summer 1993)

Expand

Quick Tools:

Print Article Summary
Export Citation
Sign up for Email Alerts Follow us on Twitter

Explore:

JEP - All Issues


Retrospectives: The Law of Diminishing Returns

Article Citation

Brue, Stanley L. 1993. "Retrospectives: The Law of Diminishing Returns." Journal of Economic Perspectives, 7(3): 185-192.

DOI: 10.1257/jep.7.3.185

Abstract

From introductory economics to theoretical papers, the law of diminishing returns is a part of every economist's tool kit. But the evolution of this law in the history of economic analysis reveals more complexity than is perhaps generally understood. Even among those most responsible for its evolution, the law has been loosely defined, and many so-called "proofs" of the law have been weak and incomplete. Moreover, those who expounded the law and its economic implications rarely offered empirical evidence to support it. In fact, economists have offered alternative explanations for rising short-run marginal cost curves and other implications of the law of diminishing returns. This last point raises an interesting question: Have economists used the law of diminishing returns simply for convenience, or is the law fundamental to economic analysis?

Article Full-Text Access

Full-text Article (Complimentary)

Authors

Brue, Stanley L. (Pacific Lutheran U)

JEL Classifications

D24: Production; Cost; Capital and Total Factor Productivity; Capacity

Comments

View Comments on This Article (0) | Login to post a comment


Journal of Economic Perspectives


Quick Tools:

Sign up for Email Alerts

Follow us on Twitter

Subscription Information
(Institutional Administrator Access)

Explore:

JEP - All Issues

Virtual Field Journals


AEA Member Login:


AEAweb | AEA Journals | Contact Us