Map of Essen/D¼sseldorf Tourist on Rather, capital and labor face each other as equals in the distribution of output, where exploitation does not occur, contrary to Marx where capital clearly has the upper hand and is able to exploit labor. To understand the neoclassical theory we must first explain what is meant by the value of the marginal product. One aspect of marginalism (the general concept of which is central to all of neoclassical theory) is that the marginal product of a factor can be defined as the added increment to total output which can be attrib- 404 income distribution theories uted to the addition of one unit of a factor to the production process. For example, if one more worker is hired (with all other factors remaining the same), and the total output of chairs rises from 49 units to 51 units, the marginal product of labor at that point would equal 2. The value of the marginal product is then defined as the marginal product multiplied by the price of the commodity being produced. In this case, if the price of a chair were $120, then the value of the marginal product would be $240. From this concept of marginal product, neoclassical theorists then developed a general theory of the distribution of income between the factors of production. Map of Essen/D¼sseldorf Tourist 2016.
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