Description: Aggregate Production Function and the Measurement of Technical Change : Not Even Wrong, Hardcover by Felipe, Jesus; McCombie, John S. L., ISBN 1840642556, ISBN-13 9781840642551, Like New Used, Free shipping in the US This volume proposes that the aggregate production function in economics is nothing more than the mathematical transformation of an accounting identity and that an alternative approach is needed. The authors summarize the problems underlying the concept of the aggregate production function, specifically the aggregation problem and the Cambridge capital theory controversies, then detail the theoretical arguments behind their proposal, common objections and how they are based on fundamental misunderstandings of their argument, the use of simulations of data, the early reception of Cobb and Douglas's work on the production function, Solow's model, and empirical examples of where the accounting identity is responsible for generating the results of the estimation of the theoretical model, through the Mankiw-Romer-Weil model, the neoclassical dual-sector growth model, the role of the growth of capital and its externality effect in economic growth, market power, and estimations of the neoclassical labor demand functions. Annotation ©2014 Book News, Inc., Portland, OR ()
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Book Title: Aggregate Production Function and the Measurement of Technical Ch
Number of Pages: 400 Pages
Publication Name: Aggregate Production Function and the Measurement of Technical Change : 'not Even Wrong'
Language: English
Publisher: Elgar Publishing, Incorporated, Edward
Item Height: 1 in
Subject: Economics / Macroeconomics, Development / Business Development, General, Economics / Theory
Publication Year: 2013
Type: Textbook
Item Weight: 25.5 Oz
Author: John S. L. Mccombie, Jesus Felipe
Item Length: 9.5 in
Subject Area: Technology & Engineering, Business & Economics
Item Width: 6.4 in
Format: Hardcover