A CES Indirect Production Function
This paper derives an indirect production function that is, in a special case, of a constant elasticity of substitution form. This is not a contribution to the theory of aggregation generally. Instead it is a microfoundation for a specific but popular production function -- the CES-- that helps us express the important concept of the elasticity of substitution in terms of more primitive, and more intuitive concept of the returns to scale.
|Date of creation:||1996|
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