Production Functions Behaving Badly - Reconsidering Fisher and Shaikh
We reconsider Anwar Shaikh’s critique of the neoclassical theory of growth and distribution based on its use of aggregate production functions. This is done by reconstructing and extending Franklin M. Fisher’s 1971 computer simulations, which Shaikh used to support his critique. Together with other recent extensions to Shaikh’s seminal work, the results support and strengthen the evidence against the use of neoclassical aggregate production functions.
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- Stefano Zambelli, 2004.
"The 40% neoclassical aggregate theory of production,"
Cambridge Journal of Economics,
Oxford University Press, vol. 28(1), pages 99-120, January.
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- Fisher, Franklin M, 1969. "The Existence of Aggregate Production Functions," Econometrica, Econometric Society, vol. 37(4), pages 553-577, October.
- Jesus Felipe & Carsten Holz, 2001. "Why do Aggregate Production Functions Work? Fisher's simulations, Shaikh's identity and some new results," International Review of Applied Economics, Taylor & Francis Journals, vol. 15(3), pages 261-285.
- 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.
- Jesus Felipe & Franklin M. Fisher, 2003. "Aggregation in Production Functions: What Applied Economists should Know," Metroeconomica, Wiley Blackwell, vol. 54(2-3), pages 208-262, 05.
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