Anatomy of production functions: a technological menu and a choice of the best technology
AbstractJones (2005) proposed microfoundations for the Cobb-Douglas production function. We show that Jones' technological menu is a special case of a concept of support set discussed by Matveenko (1997) and Rubinov, Glover (1998) by use of a duality approach. We use this approach to clarify the relation between different production functions and technological menus. Also we construct an "ideas model" generating CES production function.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 30 (2010)
Issue (Month): 3 ()
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Production function; technological menu; Leontief function; Cobb-Douglas function; CES function; duality; support set;
Find related papers by JEL classification:
- O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
- E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
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- Vladimir D. Matveenk, 2011. "Interests of Social Groups, Direction of Technical Progress, and Barriers to Development: How Sustainable is the World Economic Growth?," DEGIT Conference Papers c016_047, DEGIT, Dynamics, Economic Growth, and International Trade.
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