For over a year, I’ve been working on a question that has shaped much of economic thought: how do we explain factor pricing?
The Marginal Productivity Theory of Distribution (MPTD) has been the dominant framework, but it has long faced critiques- from its reliance on perfectly competitive markets to its narrow view of wages as purely marginal outcomes.
I’ve been developing a counter-theory that addresses these gaps, and recently submitted the paper to a reputed journal. It’s now under review.
Of course, acceptance or rejection is a whole other dimension- and one that takes months. I’m relieved my economics professor couldn’t contradict the argument, yet anxious there may still be some hidden demon waiting in the review.
It’s a gut-wrenching stretch of time, but I suppose that’s what the process demands: patience, humility, and a pair of crossed fingers!