Review on the Opinions about the Aplication of Diminishing Returns Law
Keywords:
input, output, production elasticity, production function.Abstract
The importance of human needs upon food causes an opinion that agricultural sector is a productive sector with its surplus between the production and consumption results. The role of land is very essential for realizing the fulfilment of food needs. The combination between land and other production factors will result in food.
The economic thinkers from Physiocracy and Classical School stated that a theory on land rent which initially found in the framework of Turgot (1766) and David Ricardo (1821), as well as Thomas Robert Malthus (1820), brought a consequence on the application of Diminishing Returns law in agricultural production.
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