Economics Dictionary of ArgumentsHome
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| Aggregate Production Function: The Aggregate Production Function represents the relationship between total output and inputs like capital and labor in an economy. It is used to analyze productivity, growth, and income distribution. Criticized in capital theory debates, it assumes homogeneous capital and smooth substitution, which may not reflect real-world complexities. See also Production function, CES production function, Cobb-Douglas production function, Capital._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Robert Solow on Aggregate Production Function - Dictionary of Arguments
Harcourt I 29 Aggregate production function/equilibrium/SolowVsRobinson/Solow/Harcourt: „It doesn't seem to bother her [Joan Robinson] much that on [her] definition two physically identical outfits of capital equipment can represent different amounts of 'capital'. It wouldn't bother me either except that from the point of view of production two identical plants represent two identical plants.“ (Solow [1956a](1), p. 101.) >Aggregate production function/Robinson, >Equilibrium/Robinson, >Aggregate production function/Champernowne. Harcourt I 30 HarcourtVsSolow: This objection is valid from the point of view of the theory of production, i.e. the ability to predict the rate of flow of output from a knowledge of factor supplies, but it is neither valid nor relevant for 'capital' viewed as value property, i.e. as reflecting the institutions of capitalist society. There is a real difference between the two situations and value capital ought to reflect it. The economic significance of a given plant may vary from one economic environment to another. 1. Solow, R. M. [1956a] 'The Production Function and the Theory of Capital', Review of Economic Studies, xxin, pp. 101-8._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Solow I Robert M. Solow A Contribution to the Theory of Economic Growth Cambridge 1956 Harcourt I Geoffrey C. Harcourt Some Cambridge controversies in the theory of capital Cambridge 1972 |
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