The 40% neoclassical aggregate theory of production
AbstractThe assumption that production in an economic system may be described by an aggregate neoclassical production function is at the heart of most modern equilibrium neoclassical business cycles and growth models. Its validity requires stringent assumptions on individual production functions and market structure. In this paper, the likelihood that an aggregate neoclassical production function could emerge from a simple heterogeneous production system is assessed by the use of computer simulations. The conclusion is that there exists a world of significant size for which the aggregate neoclassical theory of production does not hold. Copyright 2004, Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Cambridge Journal of Economics.
Volume (Year): 28 (2004)
Issue (Month): 1 (January)
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Other versions of this item:
- Zambelli Stefano, 2001. "The 40% Neoclassical Aggregate Theory of Production," Computing in Economics and Finance 2001 42, Society for Computational Economics.
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- Thomas Fredholm & Stefano Zambelli, 2013. "Production Functions Behaving Badly - Reconsidering Fisher and Shaikh," ASSRU Discussion Papers 1305, ASSRU - Algorithmic Social Science Research Unit.
- Mario Holzner, 2006. "Real Exchange Rate Distortion in Southeast Europe," The wiiw Balkan Observatory Working Papers 068, The Vienna Institute for International Economic Studies, wiiw.
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