The 40% Neoclassical Aggregate Theory of Production
Abstract\tThe assumption that production in an economic system may be described by an aggregate neoclassical production function is at the foundation of most modern equilibrium neoclassical business cycles and growth models. Its validity requires stringent assumptions on individual production functions and on market structure. In this article the likelihood that an aggregate neoclassical production function could emerge from a simple heterogeneous production system is measured through computer simulations. The conclusion is that there exists a not-too-small world for which the aggregate neoclassical theory of production does not hold.
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Bibliographic InfoPaper provided by Society for Computational Economics in its series Computing in Economics and Finance 2001 with number 42.
Date of creation: 01 Apr 2001
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Web page: http://www.econometricsociety.org/conference/SCE2001/SCE2001.html
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Neoclassical production functions; Growth theory; Capital controversy; Wage-profit frontier; Computational economics.;
Other versions of this item:
- Stefano Zambelli, 2004. "The 40% neoclassical aggregate theory of production," Cambridge Journal of Economics, Oxford University Press, vol. 28(1), pages 99-120, January.
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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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