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The aggregate production function and the measurement of technical change : 'not even wrong'

Author: Jesus Felipe; J S L McCombie
Publisher: Cheltenham, UK : Edward Elgar, [2013] ©2013
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
This authoritative and stimulating book represents a fundamental critique of the aggregate production function, a concept widely used in macroeconomics. 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,  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Felipe, Jesus.
Aggregate production function and the measurement of technical change.
Cheltenham, UK : Edward Elgar, [2013]
(OCoLC)857110189
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jesus Felipe; J S L McCombie
ISBN: 9781306053846 1306053846
OCLC Number: 862049929
Description: 1 online resource (vii, 388 pages)
Contents: Prologue: 'Not even wrong' --
Acknowledgements --
Introduction --
Some problems with the aggregate production function --
The aggregate production function: behavioural relationship or accounting identity? --
Simulation studies, the aggregate production function and the accounting identity --
'Are there laws of production?' The work of Cobb and Douglas and its early reception --
Solow's 'Technical Change and the Aggregate Production Function', and the accounting identity --
What does total factor productivity actually measure? Further observations on the Solow model --
Why are some countries richer than others? A sceptical view of Mankiw-Romer-Weil's test of the neoclassical growth model --
Some problems with the neoclassical dual-sector growth model --
Is capital special? The role of the growth of capital and its externality effect ineconomic growth --
Problems posed by the accounting identity for the estimation of the degree of market power and the mark- up --
Are estimates of labour demand functions mere statistical artefacts? --
Why have criticisms of the aggregate production function generally been ignored? On further misunderstandings and misinterpretations of the implications of the accounting identity.
Responsibility: Jesus Felipe and John S.L. McCombie.
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Abstract:

This authoritative and stimulating book represents a fundamental critique of the aggregate production function, a concept widely used in macroeconomics.  Read more...

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'This is an extremely important and long-awaited book. The authors provide a cogent guide to all that is wrong with the theory and empirical applications of the discredited notion of an aggregate Read more...

 
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