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On the Simultaneous Existence of Full and Partial Capital Aggregates

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  • Franklin M. Fisher

Abstract

Earlier work on aggregate production functions with capital-embodied technology showed that, when firms employ more than one capital type, conditions for partial capital ("equipment") aggregation and for total capital aggregation differ. This paper studies simultaneously existing partial and total aggregates. Existence of a total and one partial aggregate implies existence of the complementary partial aggregate. However, simultaneous existence requires each firm's production function to be strongly separable in its capital subaggregates. The use of subaggregates like "equipment" and "plant" together with an aggregate "capital" thus implies that "plant" and "equipment" are perfect substitutes and is highly questionable.

Suggested Citation

  • Franklin M. Fisher, 1983. "On the Simultaneous Existence of Full and Partial Capital Aggregates," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 50(1), pages 197-208.
    • Handle: RePEc:oup:restud:v:50:y:1983:i:1:p:197-208.
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    File URL: http://hdl.handle.net/10.2307/2296965
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    Cited by:

    1. Caselli, Francesco & Wilson, Daniel J., 2004. "Importing technology," Journal of Monetary Economics, Elsevier, vol. 51(1), pages 1-32, January.
    2. David Baqaee & Emmanuel Farhi, 2018. "The Microeconomic Foundations of Aggregate Production Functions," NBER Working Papers 25293, National Bureau of Economic Research, Inc.
    3. Dabús, Carlos & Laumann, Yanina, 2006. "Determinants of economic growth: Comparative evidence from countries of different development level/Determinantes del crecimiento: Evidencia comparada de países con diferente nivel de desarrollo," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 24, pages 165-180, Abril.
    4. Jesus Felipe & Franklin M. Fisher, 2003. "Aggregation in Production Functions: What Applied Economists should Know," Metroeconomica, Wiley Blackwell, vol. 54(2‐3), pages 208-262, May.

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