Psychology Dictionary of ArgumentsHome
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| Aggregate capital: Aggregate capital refers to the total stock of physical, financial, and human capital in an economy used for production. It includes machinery, infrastructure, and investments. In capital theory debates, its measurement is controversial due to issues like heterogeneity and reswitching, challenging the validity of aggregate production functions. See also Production function, Aggregate production function._____________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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Paul A. Samuelson on Aggregate Capital - Dictionary of Arguments
Harcourt I 121 Capital theory/Aggregate capital/Samuelson/Harcourt:“ Repeatedly in writings and lectures I have insisted that capital theory can be rigorously developed without using any Clark-like concept of aggregate 'capital', instead relying upon a complete analysis of a great variety of heterogeneous physical capital goods and processes through time. Such an analysis leans heavily on the tools of modern linear and more general programming and might therefore be called neo-neoclassical. It takes the view that if we are to understand the trends in how incomes are distributed among different kinds of labor and different kinds of property owners, both in the aggregate and in the detailed composition, then studies of changing technologies, human and natural resource availabilities, taste patterns, and all the other matters of microeconomics are likely to be very important.“ (Samuelson [1962(1)], p. 193.) >Neo-neoclassicals, >Technical progress, >Production function, >Aggregate production function. Solow/Samuelson: „. . . Solow, in the interest of empirical measurements and approximation, has been willing occasionally to drop his rigorous insistence upon a complex-heterogeneous-capital programming model; instead, by heroic abstraction, he has carried forward the seminal work of Paul H. Douglas on estimating a single production function for society and has had a tremendous influence on analysts of statistical trends in the important macroaggregates of our economy.“ (Samuelson [1962](1), p. 193.) >Econometrics. Samuelson, P.A. [1962] 'Parable and Realism in Capital Theory: The Surrogate Production Function', Review of Economic Studies, xxix, pp. 193-206._____________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. |
EconSamu I Paul A. Samuelson The foundations of economic analysis Cambridge 1947 Harcourt I Geoffrey C. Harcourt Some Cambridge controversies in the theory of capital Cambridge 1972 |
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> Counter arguments in relation to Aggregate Capital
