La eficiencia marginal del capital y la teoría de la firma
Abstract
The present paper presents the demonstration of three Propositions which show that the usual marginal efficiency of capital investment criteria must be qualified in its application whenever the aim of the economic agent is to maximize the present value of his profits. Such maximization is reached if the marginal efficiency of capital equals the market rate of interest and, besides, one of the following two conditions is fulfilled: a) The marginal productivity of labour equals its market price; b) The present value of the marginal productivity of capital equals its market price.
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