Law of Diminishing Returns, Diminishing Marginal Returns

The law of diminishing returns is a concept in economic theory. It states that the output per input (productivity) declines if the input of a production factor is increased over a certain limit. Under the name law of diminishing returns actually exist two different concepts: one classical and one neoclassical. These concepts bear similarities but are based on different reasons.
Contents

1 The classical concept
1.1 History
2 The neoclassical concept
2.1 History
2.2 Implications
2.3 Critique
3 Combining both concepts
4 Naming conventions
5 References

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Source: Citizendium