The Aggregate Production Function and the Measurement of Technical Change by J. Felipe

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  • Title: The Combination Manufacturing Operate and the Measurement of Technical Change
  • Author: J. Felipe
  • Category: Science
  • Date: December 2013
  • Lenguage: English
  • Pages: unknown
  • ISBN: ISBN: 1782549684

 

Ebook description:

This authoritative and stimulating guide represents a basic critique of the combination manufacturing perform, an idea extensively utilized in macroeconomics. The authors clarify why, regardless of the intense aggregation issues that encompass it, mixture manufacturing capabilities usually give believable statistical outcomes. This is because of the usage of constant-price worth knowledge, quite than the theoretically appropriate bodily knowledge, along with an underlying accounting identification that relates the information definitionally. It’s on this sense that the combination manufacturing perform is ‘not even improper’: it’s not a behavioural relationship able to being statistically refuted. The guide examines the historical past of the manufacturing perform and exhibits how sure seminal works on neoclassical development principle, labour demand capabilities and estimates of the mark-up, amongst others, endure from this basic drawback. The guide represents a basic critique of the combination manufacturing perform and shall be of curiosity to all macroeconomists

 

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