StudentShare solutions
Triangle menu

Theory of Production - Book Report/Review Example

Nobody downloaded yet
He served as a go-between for Roosevelt and Stalin in 1944 (post Second World War) and as the Polish ambassador to the US from 1945-1946. In 1946, Lange served as the Polish delegate to the United Nations Security Council. A major part of his contribution to economics came during his stint in the US (1933-1945).
Although a socialist to the core, he was not a great supporter of Marxian labor theory of value, and instead believed in the neoclassical theory of price (
In this paper, I will actually make an attempt to highlight various things that will make the topic of the place of interest in production theory a bit clearer to the readers. There are a number of things that can be learnt from the production theory. Among these things, some of the important ones are the basics that surround the production theory. These are the basics that will put the discussion of the topic into a definite perspective.
In his paper, Lange has tried to give an explanation of the foundation of the existing Theory of Interest . He has actually tried to restate some fundamental propositions of the existing Theory of Interest by making special reference to the General Theory of Production. ...
In Lange's paper, he has tried to explain in a very structured way, the place of interest in the general production theory. For doing that, he has made some assumptions to bring some considerable simplification in his study. He has assumed that in the economy, only one commodity is produced using only one original factor of production, i.e. Labour, and only one real capital good. He thinks that this kind of simplification is also capable of allowing a generalization later, by taking into account the case of multiple final goods, multiple original factors of production, and multiple real capital goods without imposing any kind of logical difficulty.
After making the above-mentioned simplified assumptions, he has first made an attempt to find out the conditions of maximum net output. For doing that, he has considered the case of the production of a final commodity : wood, which requires labour as original factor and some equipment (say axe) as the real capital. The equipment is called by Lange as the circulation of the replacement of the last equipment used in a period of time. Lange also seems critical of mainstream neoclassical theory, as time is not included in the model. Lange has done this by dividing labour input into direct and indirect labour. The labour used in the production of the final commodity has been assumed to be as direct labour, and the labour used in the production of equipment was considered to be as indirect labour. By carrying out a maximization exercise applying Lagrange method, Lange has obtained two conditions for the maximization of net output - (1) the marginal net productivity of the circular factor would ...Show more


Oskar Lange was a pioneer of the neoclassical pricing theory and used market tools in economic planning of socialism and communism. One of his popular works "The Place of Interest in The Theory of Production" will be discussed in the following pages. Before embarking on examining what Lange has tried to promote in his paper, it would be nice to say a few words about Oscar Lange, the author of the paper I have chosen for the purpose of discussion.
Author : murphyosinski
Theory of Production
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the book report/review on your topic
"Theory of Production"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Becker's Economic Theory
(Becker 1965). Becker (1976) presented the three foundational assumptions of the economic approach as "maximizing behavior, market equilibrium, and stable preferences" (p. 5). In the preface to his work, A Treatise on the Family, Becker wrote: "The economic approach .
8 pages (2000 words) Book Report/Review
The Place of Interest in the Theory of Production

The Neo-classical era has evolved with the pioneering works of William Stanley Jevon, Carl Menger and Leon Walras. The author will particularly discuss the Paretian system (developed by Vilfredo Pareto) versus the Walrasian system (conceptualized by Leon Walras). Leon Walras introduced the general equilibrium model.

10 pages (2500 words) Book Report/Review
Postcolonial Theory
It is difficult from the simple literature and work, because it describes the rule of another country on the whole country and its impact on people and their lives. Anthropology is the science of humans and it studies the origin of humans and the differences among them.
16 pages (4000 words) Book Report/Review
Porters Theory
(M.E. Porter 1998) But porter is better at researching on origins of company's based capabilities than the roots of factor and demand conditions. This is because upcoming countries have proved unable to achieve widespread and industrial transformation by themselves.
6 pages (1500 words) Book Report/Review
General Systems Theory
Specifically, they try to show that many of the most essential things studied by scientists - "nuclear particles, atoms, molecules, cells, organs, organisms, ecological communities, groups, organizations, societies, solar systems - are all subsumable under the general rubric of system".
5 pages (1250 words) Book Report/Review
Marxist Theory Book Report/Review
While the ideas of Marxism have been consequently developed and enhanced by the events in history of the working class itself, the basic conceptions however remain unshaken, providing a firm groundwork for today's Labour Movement. There have not been any superior, more truthful or scientific theories produced before and since the lifetime of Marx and Engels that could explain the movement of the society and the role of the working class in the said movement.
4 pages (1000 words) Book Report/Review
Marxist Theory
The main assumption of the work to be proved (or denied) is that Marxist theory of state has been to simplified (subject to reductionism) and thus has to be viewed from this very viewpoint. However, in order to come to the reasonable conclusion it is still necessary to start the discussion from the Marxist theory of state and the term 'reductionism' separately.
8 pages (2000 words) Book Report/Review
Kantian Moral Theory
This paper will focus on the strategies used for justifying moral theories, as this is generally where the theorists go their separate ways in constructing the supreme principle of morality. As such each theory may yield different answers to the three questions raised under morality: 1) Authoritative question: Why ought I be moral 2) Substantive question: Which interest ought I to take favourable account of 3) Distributive question: Whose interest ought I to take favourable account of
20 pages (5000 words) Book Report/Review
Contemporary Social Theory
In an evolving human society that is fast getting confined into a global village owing to the present communication and marketing technologies, social theories become all the more relevant because of the necessity to build welfare states. It is not possible to discard the classical theories because modern theories have to branch out of them and as the society is a continuous story, classical theories remain forever relevant.
4 pages (1000 words) Book Report/Review
The Goal: A Novel Perspective for Production Management
Eliyahu Goldratt’s The Goal: A Process of Ongoing Improvement elaborates how Alex Rogo, the manager of a manufacturing plant which was on the verge of scrap, discovered a revolutionary way to rejuvenate business seeking the help from Jonah and by deploying  the Theory of Constraints (TOC).
3 pages (750 words) Book Report/Review
Comments (0)
Click to create a comment
Let us find you another Book Report/Review on topic Theory of Production for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
Join us:
Contact Us