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- DescriptionThis authoritative and stimulating book represents a fundamental critique of the aggregate production function, a concept widely used in macroecomics. The authors explain why, despite the serious aggregation problems that surround it, aggregate production functions often give plausible statistical results. This is due to the use of constant-price value data, rather than the theoretically correct physical data, together with an underlying accounting identity that relates the data definitionally. It is in this sense that the aggregate production function is 't even wrong': it is t a behavioural relationship capable of being statistically refuted. The book examines the history of the production function and shows how certain seminal works on neoclassical growth theory, labour demand functions and estimates of the mark-up, among others, suffer from this fundamental problem. The book represents a fundamental critique of the aggregate production function and will be of interest to all macroecomists.
- Author BiographyJesus Felipe, Advisor in the Office of the Chief Economist, Economic Research and Regional Cooperation Department, Asian Development Bank, Manila, Philippines and John S.L. McCombie, Professor of Regional and Applied Economics and Director, Cambridge Centre for Economic and Public Policy, Department of Land Economy, University of Cambridge and Fellow of Downing College, Cambridge, UK
- Author(s)Jesus Felipe,John S. L. McCombie
- PublisherEdward Elgar Publishing Ltd
- Date of Publication24/04/2015
- SubjectEconomics: Textbooks & Study Guides
- Place of PublicationCheltenham
- Country of PublicationUnited Kingdom
- ImprintEdward Elgar Publishing Ltd
- Width234 mm
- Height156 mm
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