Author: Jesus Felipe
Publisher: Edward Elgar Publishing
ISBN: 1782549684
Category : Business & Economics
Languages : en
Pages : 400
Get Book Here
Book Description
This authoritative and stimulating book represents a fundamental critique of the aggregate production function, a concept widely used in macroeconomics.
Author: Kazuo Satō
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 356
Get Book Here
Book Description
Economic research monograph on the economic theory of production functions and aggregation - includes a bibliography pp. 301 to 307.
Author: Franklin M. Fisher
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 312
Get Book Here
Book Description
This work deals with the question of the conditions for the existence of aggregate production functions (the heart of macroeconomics). It examines the conditions for approximate aggregation and through simulation experiments, considers why aggregate production functions appear to work.
Author: Kazuo Sato
Publisher:
ISBN: 9780720431001
Category :
Languages : en
Pages : 313
Get Book Here
Book Description
Author: Ronald William Shephard
Publisher: Princeton University Press
ISBN: 1400871085
Category : Business & Economics
Languages : en
Pages : 321
Get Book Here
Book Description
A sequel to his frequently cited Cost and Production Functions (1953), this book offers a unified, comprehensive treatment of these functions which underlie the economic theory of production. The approach is axiomatic for a definition of technology, by mappings of input vectors into subsets of output vectors that represent the unconstrained technical possibilities of production. To provide a completely general means of characterizing a technology, an alternative to the production function, called the Distance Function, is introduced. The duality between cost function and production function is developed by introducing a cost correspondence, showing that these two functions are given in terms of each other by dual minimum problems. The special class of production structures called Homothetic is given more general definition and extended to technologies with multiple outputs. Originally published in 1971. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Author: Jesus Felipe
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
This paper surveys the theoretical literature on aggregation of production functions. The objective is to make neoclassical economists aware of the insurmountable aggregation problems and their implications. We refer to both the Cambridge capital controversies and the aggregation conditions. The most salient results are summarized, and the problems that economists should be aware of from incorrect aggregation are discussed. The most important conclusion is that the conditions under which a well-behaved aggregate production function can be derived from micro production functions are so stringent that it is difficult to believe that actual economies satisfy them. Therefore, aggregate production functions do not have a sound theoretical foundation. For practical purposes this means that while generating GDP, for example, as the sum of the components of aggregate demand (or through the production or income sides of the economy) is correct, thinking of GDP as GDP=F(K,L), where K and L are aggregates of capital and labor, respectively, and F(*) is a well-defined neoclassical function, is most likely incorrect. Likewise, thinking of aggregate investment as a well-defined addition to 'capital' in production is also a mistake. The paper evaluates the standard reasons given by economists for continuing to use aggregate production functions in theoretical and applied work, and concludes that none of them provides a valid argument.
Author: Perry Shapiro
Publisher:
ISBN:
Category :
Languages : en
Pages : 158
Get Book Here
Book Description
Author: R.W. Shephard
Publisher: Springer Science & Business Media
ISBN: 3642515789
Category : Business & Economics
Languages : en
Pages : 116
Get Book Here
Book Description
This study is the result of an interest in the economic theory of production intermittently pursued during the past three years. Over this period I have received substantial support from the Office of Naval Research, first from a personal service consulting contract directly with the Mathematics Division of the Office of Naval Research and secondly from Project N6 onr-27009 at Princeton Univer sity under the direction of Professor Oskar Morgenstern. Grateful acknowledgement is made to the ·Office of Naval Research for this support and to Professor Morgenstern, in particular, for his interest in the puolication of this research. The responsibility for errors and omissions, how ever, rests entirely upon the author. Professor G. C. Evans has given in terms of a simple total cost function, depending solely upon output rate, a treatment of certain aspects of the economic theory of production which has inherent generality and convenience of formulation. The classical approach of expressing the technology of production by means of a production function is potentially less restrictive than the use of a simple total cost function, but it has not been applied in a more general form other than to derive the familiar conditions between marginal productivities of the factors of produc tion and their market prices.
Author: Derek L. Bosworth
Publisher: Farborough, Eng. : Saxon House
ISBN:
Category : Business & Economics
Languages : en
Pages : 180
Get Book Here
Book Description
The johansen schema; An integrated system of production: comments and criticisms; The ex ante function; The ex ante function and the ex post micro function; Aggregate putty-clay functions; Agtregate neoclassical production functions; Neoclassical production functions: fact or fantasy? Production functions - some conclusions.
Author: Jesus Felipe
Publisher:
ISBN:
Category : Production functions (Economic theory)
Languages : en
Pages : 0
Get Book Here
Book Description
