ქართ | Eng

ISSN 2449-2396 (Print) | E ISSN 2449-2612 (Online)

JEL Classifications: B30, O47, P16


https://doi.org/10.35945/gb.2022.13.005



VARIATIONS OF PRODUCTION FACTORS THEORY

Author: Jemal Kharitonashvili | Published: 2022-05-17 | Pages: 35-38

Full Text

For Citation: Kharitonashvili, J., (2022). Variations of Production Factors Theory. Globalization and Business. 13, 35-38. https://doi.org/10.35945/gb.2022.13.005

Abstract

The paper discusses the influence of the proportions of production factors on the establishment of public equilibrium. The theory of production factors occupies an important place in the history of economic thought. The creator of the theory of factors is considered to be the famous French economist Jean Baptiste Say (1767-1832). J. B. Say campaigned against mercantilism and protectionism and advocated a policy of free trade. Factor theory finds significant application in the international division of labor.

       Another French economist, Frédéric Bastiat, developed the theory of economic harmony. In this theory F. Bastiat sought to reach an economic agreement between different groups of the society, through their cooperation. Canadian engineer-technologist P. Monsarov developed a theory of four factors. Nowadays, Heckcher-Ohlin Theory is widely used in the international division of labor.


Keywords

The paper discusses the influence of the proportions of production factors on the establishment of public equilibrium. The theory of production factors occupies an important place in the history of economic thought. The creator of the theory of factors


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