Everything about Natural Price totally explained
Factor prices are the prices that the
factors of production of a finished item attract.
There has been some economic debate as to what determines these prices.
Classical and
Marxist economists argued that the factor prices decided the value of a product and so value was
intrinsic within the product. For this reason, the term
'natural price' is often instead used.
Marginalist economists argue that the price of factors is a function of the demand of the final product, and so they're
imputed from the finished product. The theory of imputation was first expounded by the
Austrian economist
Friedrich von Wieser.
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