[PDF] Aggregation In Production Functions eBook

Author : Jesus Felipe
Publisher : Edward Elgar Publishing
Page : 400 pages
File Size : 44,77 MB
Release : 2013-10-31
Category : Business & Economics
ISBN : 1782549684

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This authoritative and stimulating book represents a fundamental critique of the aggregate production function, a concept widely used in macroeconomics.

Author : Franklin M. Fisher
Publisher :
Page : 312 pages
File Size : 15,76 MB
Release : 1992
Category : Economics
ISBN :

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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 Satō
Publisher :
Page : 356 pages
File Size : 33,83 MB
Release : 1975
Category : Business & Economics
ISBN :

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Economic research monograph on the economic theory of production functions and aggregation - includes a bibliography pp. 301 to 307.

Author : Jesus Felipe
Publisher :
Page : 0 pages
File Size : 33,16 MB
Release : 2003
Category :
ISBN :

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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 : Derek L. Bosworth
Publisher : Farborough, Eng. : Saxon House
Page : 180 pages
File Size : 16,69 MB
Release : 1976
Category : Business & Economics
ISBN :

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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 : R.W. Shephard
Publisher : Springer Science & Business Media
Page : 116 pages
File Size : 31,42 MB
Release : 2012-12-06
Category : Business & Economics
ISBN : 3642515789

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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.