C.E. Ferguson and the Neoclassical Theory of Capital: A Matter of Faith
In 1969 the American neoclassical economist C.E. Ferguson wrote that reliance on neoclassical aggregate production and distribution theory is a 'matter of faith' to be sorted out (he says 'answered') by econometricians. Ferguson was criticized on both sides of the debate for invoking this religious metaphor. Using the methodological framework of A.J. Cohen & G.C. Harcourt (2005), Introduction: capital theory controversy: scarcity, production, equilibrium, and time, in: A. Cohen, G.C. Harcourt & C. Bliss (Eds) Capital Theory, 3 Vols. Northampton, MA: Edward Elgar, this paper argues that faith plays a recurring role in all capital controversies and especially in modern theories of growth that rely wholesale on the aggregate production function. Ferguson's faith proves to be much more insightful than previously recognized.
Volume (Year): 23 (2011)
Issue (Month): 3 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/CRPE20|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/CRPE20|
When requesting a correction, please mention this item's handle: RePEc:taf:revpoe:v:23:y:2011:i:3:p:339-356. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty)
If references are entirely missing, you can add them using this form.