The 40% Neoclassical Aggregate Theory of Production
\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.
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|Date of creation:||01 Apr 2001|
|Date of revision:|
|Contact details of provider:|| Web page: http://www.econometricsociety.org/conference/SCE2001/SCE2001.html|
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