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Does the aggregate production function imply anything about the laws of production? A comment

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  • Jesus Felipe

Abstract

This paper discusses McCombie's (1987) empirical evidence on the Simon-Shaikh critique. It is argued that while the theoretical argument is correct, the evidence presented depends on the adjustment of the stock of capital for capacity utilization. Probably factor shares are not sufficiently constant in this data set for the Cobb-Douglas form to provide a good approximation to the accounting identity.

Suggested Citation

  • Jesus Felipe, 1998. "Does the aggregate production function imply anything about the laws of production? A comment," Applied Economics Letters, Taylor & Francis Journals, vol. 5(9), pages 543-547.
    • Handle: RePEc:taf:apeclt:v:5:y:1998:i:9:p:543-547
    DOI: 10.1080/758529496
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    References listed on IDEAS

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    1. Phillips, P.C.B., 1986. "Understanding spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 33(3), pages 311-340, December.
    2. Perron, Pierre, 1989. "The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis," Econometrica, Econometric Society, vol. 57(6), pages 1361-1401, November.
    3. repec:bla:scandj:v:81:y:1979:i:4:p:459-74 is not listed on IDEAS
    4. Shaikh, Anwar, 1974. "Laws of Production and Laws of Algebra: The Humbug Production Function," The Review of Economics and Statistics, MIT Press, vol. 56(1), pages 115-120, February.
    5. Dickey, David A & Pantula, Sastry G, 1987. "Determining the Ordering of Differencing in Autoregressive Processes," Journal of Business & Economic Statistics, American Statistical Association, vol. 5(4), pages 455-461, October.
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    Cited by:

    1. Estola, Matti & Dannenberg, Alia, 2012. "Testing the neo-classical and the Newtonian theory of production," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 391(24), pages 6519-6527.

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