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The 40% Neoclassical Aggregate Theory of Production

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  • Zambelli Stefano

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.

Suggested Citation

  • Zambelli Stefano, 2001. "The 40% Neoclassical Aggregate Theory of Production," Computing in Economics and Finance 2001 42, Society for Computational Economics.
  • Handle: RePEc:sce:scecf1:42
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    Cited by:

    1. Stefano Zambelli, 2014. "Aggregate Production Functions and Neoclassical Properties: An Empirical Verification," ASSRU Discussion Papers 1405, ASSRU - Algorithmic Social Science Research Unit.
    2. repec:eee:streco:v:42:y:2017:i:c:p:38-55 is not listed on IDEAS
    3. Miguel A. León-Ledesma & Peter McAdam & Alpo Willman, 2010. "Identifying the Elasticity of Substitution with Biased Technical Change," American Economic Review, American Economic Association, vol. 100(4), pages 1330-1357, September.
    4. Jesus Felipe & John S.L. McCombie, 2013. "The Aggregate Production Function and the Measurement of Technical Change," Books, Edward Elgar Publishing, number 1975.
    5. Zambelli, Stefano & Fredholm, Thomas & Venkatachalam, Ragupathy, 2017. "Robust measurement of national technological progress," Structural Change and Economic Dynamics, Elsevier, vol. 42(C), pages 38-55.
    6. Schefold, Bertram, 2016. "Marx, the Production Function and the Old Neoclassical Equilibrium: Workable under the Same Assumptions? With an Appendix on the Likelihood of Reswitching and of Wicksell Effects," Centro Sraffa Working Papers CSWP19, Centro di Ricerche e Documentazione "Piero Sraffa".
    7. Thomas Fredholm & Stefano Zambelli, 2013. "Production Functions Behaving Badly - Reconsidering Fisher and Shaikh," ASSRU Discussion Papers 1305, ASSRU - Algorithmic Social Science Research Unit.
    8. Mario Holzner, 2006. "Real Exchange Rate Distortion in Southeast Europe," wiiw Balkan Observatory Working Papers 68, The Vienna Institute for International Economic Studies, wiiw.
    9. Marc Lavoie, 2014. "Post-Keynesian Economics," Books, Edward Elgar Publishing, number 12857.

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