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The 40% neoclassical aggregate theory of production

  • Stefano Zambelli

The 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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Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 28 (2004)
Issue (Month): 1 (January)
Pages: 99-120

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Handle: RePEc:oup:cambje:v:28:y:2004:i:1:p:99-120
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